Morgan Stanley Institutional Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Consolidated Portfolio of Investments
Advantage Portfolio
| Shares | Value (000) | |||||||
| Common Stocks (97.2%) | ||||||||
| Automobiles (5.2%) | ||||||||
| Tesla, Inc. (a) | 42,746 | $ | 10,696 | |||||
| Broadline Retail (7.0%) | ||||||||
| Amazon.com, Inc. (a) | 54,554 | 6,935 | ||||||
| MercadoLibre, Inc. (a) | 5,894 | 7,473 | ||||||
| 14,408 | ||||||||
| Capital Markets (1.5%) | ||||||||
| Intercontinental Exchange, Inc. | 28,685 | 3,156 | ||||||
| Entertainment (4.6%) | ||||||||
| ROBLOX Corp., Class A (a) | 325,633 | 9,430 | ||||||
| Financial Services (5.5%) | ||||||||
| Adyen NV (Netherlands) (a) | 10,190 | 7,555 | ||||||
| Block, Inc., Class A (a) | 22,249 | 985 | ||||||
| Toast, Inc., Class A (a) | 153,799 | 2,881 | ||||||
| 11,421 | ||||||||
| Ground Transportation (7.5%) | ||||||||
| Uber Technologies, Inc. (a) | 336,614 | 15,481 | ||||||
| Health Care Equipment & Supplies (0.5%) | ||||||||
| Intuitive Surgical, Inc. (a) | 3,788 | 1,107 | ||||||
| Health Care Technology (1.5%) | ||||||||
| Veeva Systems, Inc., Class A (a) | 15,142 | 3,081 | ||||||
| Hotels, Restaurants & Leisure (12.2%) | ||||||||
| Airbnb, Inc., Class A (a) | 83,189 | 11,414 | ||||||
| DoorDash, Inc., Class A (a) | 172,146 | 13,681 | ||||||
| 25,095 | ||||||||
| Information Technology Services (21.6%) | ||||||||
| Cloudflare, Inc., Class A (a) | 254,614 | 16,051 | ||||||
| Shopify, Inc., Class A (Canada) (a) | 267,896 | 14,619 | ||||||
| Snowflake, Inc., Class A (a) | 90,629 | 13,845 | ||||||
| 44,515 | ||||||||
| Interactive Media & Services (6.0%) | ||||||||
| Meta Platforms, Inc., Class A (a) | 23,766 | 7,135 | ||||||
| ZoomInfo Technologies, Inc., Class A (a) | 313,696 | 5,144 | ||||||
| 12,279 | ||||||||
| Life Sciences Tools & Services (2.5%) | ||||||||
| Illumina, Inc. (a) | 38,061 | 5,225 | ||||||
| Media (7.5%) | ||||||||
| Trade Desk, Inc., Class A (a) | 198,565 | 15,518 | ||||||
| Pharmaceuticals (4.7%) | ||||||||
| Royalty Pharma PLC, Class A | 354,222 | 9,614 | ||||||
| Software (6.4%) | ||||||||
| Bill Holdings, Inc. (a) | 71,988 | 7,816 | ||||||
| Datadog, Inc., Class A (a) | 57,726 | 5,258 | ||||||
| 13,074 | ||||||||
| Specialty Retail (3.0%) | ||||||||
| Chewy, Inc., Class A (a) | 169,547 | 3,096 | ||||||
| Floor & Decor Holdings, Inc., Class A (a) | 33,818 | 3,060 | ||||||
| 6,156 | ||||||||
| Total Common Stocks (Cost $206,154) | 200,256 | |||||||
| Investment Company (1.7%) | ||||||||
| Grayscale Bitcoin Trust (a) (Cost $5,036) | 174,506 | 3,349 | ||||||
| Short-Term Investment (0.6%) | ||||||||
| Investment Company (0.6%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (b) (Cost $1,317) | 1,317,327 | 1,317 | ||||||
| Total Investments Excluding Purchased Options (99.5%) (Cost $212,507) | 204,922 | |||||||
| Total Purchased Options Outstanding (0.3%) (Cost $682) | 713 | |||||||
| Total Investments (99.8%) (Cost $213,189) (c)(d)(e)(f) | 205,635 | |||||||
| Other Assets in Excess of Liabilities (0.2%) | 337 | |||||||
| Net Assets (100.0%) | $ | 205,972 | ||||||
| (a) | Non-income producing security. |
| (b) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2023, advisory fees paid were reduced by approximately $6,000 relating to the Fund's investment in the Liquidity Funds. |
| (c) | The approximate fair value and percentage of net assets, $7,555,000 and 3.7%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
| (d) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions. |
| (e) | Securities are available for collateral in connection with purchased options. |
| (f) | At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $26,053,000 and the aggregate gross unrealized depreciation is approximately $33,607,000, resulting in net unrealized depreciation of approximately $7,554,000. |
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Advantage Portfolio
Call Options Purchased:
The Fund had the following call options purchased open at September 30, 2023:
| Counterparty | Description | Strike Price | Expiration Date | Number of Contracts | Notional Amount (000) | Value (000) | Premiums Paid (000) | Unrealized Appreciation (Depreciation) (000) | |||||||||||||||||||
| JPMorgan Chase Bank NA | USD/CNH | CNH | 7.43 | Jan–24 | 43,082,732 | $ | 43,083 | $ | 197 | $ | 203 | $ | (6 | ) | |||||||||||||
| Standard Chartered Bank | USD/CNH | CNH | 7.57 | May–24 | 56,717,357 | 56,717 | 294 | 240 | 54 | ||||||||||||||||||
| JPMorgan Chase Bank NA | USD/CNH | CNH | 7.79 | Aug–24 | 57,077,746 | 57,078 | 222 | 236 | (14 | ) | |||||||||||||||||
| Goldman Sachs International | USD/CNH | CNH | 7.87 | Oct–23 | 542,601 | 543 | — | @ | 3 | (3 | ) | ||||||||||||||||
| $ | 713 | $ | 682 | $ | 31 | ||||||||||||||||||||||
| @ | Value is less than $500. | |
| CNH | — | Chinese Yuan Renminbi Offshore |
| USD | — | United States Dollar |
Portfolio Composition
| Classification | Percentage of Total Investments | |||
| Information Technology Services | 21.7 | % | ||
| Other* | 20.9 | |||
| Hotels, Restaurants & Leisure | 12.2 | |||
| Media | 7.5 | |||
| Ground Transportation | 7.5 | |||
| Broadline Retail | 7.0 | |||
| Software | 6.4 | |||
| Interactive Media & Services | 6.0 | |||
| Financial Services | 5.6 | |||
| Automobiles | 5.2 | |||
| Total Investments | 100.0 | % | ||
| * | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Portfolio of Investments
American Resilience Portfolio
| Shares | Value (000) | |||||||
| Common Stocks (92.7%) | ||||||||
| Beverages (1.9%) | ||||||||
| Coca-Cola Co. | 343 | $ | 19 | |||||
| Capital Markets (6.4%) | ||||||||
| FactSet Research Systems, Inc. | 23 | 10 | ||||||
| Intercontinental Exchange, Inc. | 365 | 40 | ||||||
| Moody's Corp. | 48 | 15 | ||||||
| 65 | ||||||||
| Electronic Equipment, Instruments & Components (4.3%) | ||||||||
| Amphenol Corp., Class A | 256 | 21 | ||||||
| CDW Corp. | 114 | 23 | ||||||
| 44 | ||||||||
| Financial Services (7.7%) | ||||||||
| Jack Henry & Associates, Inc. | 37 | 6 | ||||||
| PayPal Holdings, Inc. (a) | 343 | 20 | ||||||
| Visa, Inc., Class A | 231 | 53 | ||||||
| 79 | ||||||||
| Health Care Equipment & Supplies (7.5%) | ||||||||
| Abbott Laboratories | 255 | 25 | ||||||
| Becton Dickinson & Co. | 130 | 34 | ||||||
| Steris PLC | 84 | 18 | ||||||
| 77 | ||||||||
| Household Products (2.7%) | ||||||||
| Procter & Gamble Co. | 190 | 28 | ||||||
| Information Technology Services (6.0%) | ||||||||
| Accenture PLC, Class A | 198 | 61 | ||||||
| Insurance (4.7%) | ||||||||
| Aon PLC, Class A | 93 | 30 | ||||||
| Arthur J Gallagher & Co. | 80 | 18 | ||||||
| 48 | ||||||||
| Interactive Media & Services (3.6%) | ||||||||
| Alphabet, Inc., Class A (a) | 279 | 37 | ||||||
| Life Sciences Tools & Services (13.6%) | ||||||||
| Danaher Corp. | 177 | 44 | ||||||
| IQVIA Holdings, Inc. (a) | 159 | 31 | ||||||
| Revvity, Inc. | 137 | 15 | ||||||
| Thermo Fisher Scientific, Inc. | 97 | 49 | ||||||
| 139 | ||||||||
| Machinery (3.0%) | ||||||||
| Otis Worldwide Corp. | 380 | 31 | ||||||
| Pharmaceuticals (1.7%) | ||||||||
| Zoetis, Inc. | 96 | 17 | ||||||
| Professional Services (7.3%) | ||||||||
| Automatic Data Processing, Inc. | 133 | 32 | ||||||
| Broadridge Financial Solutions, Inc. | 139 | 25 | ||||||
| Equifax, Inc. | 92 | 17 | ||||||
| 74 | ||||||||
| Semiconductors & Semiconductor Equipment (3.4%) | ||||||||
| Texas Instruments, Inc. | 219 | 35 | ||||||
| Software (13.5%) | ||||||||
| Adobe, Inc. (a) | 16 | 8 | ||||||
| Constellation Software, Inc. (Canada) | 16 | 33 | ||||||
| Microsoft Corp. | 210 | 66 | ||||||
| Roper Technologies, Inc. | 64 | 31 | ||||||
| 138 | ||||||||
| Textiles, Apparel & Luxury Goods (1.4%) | ||||||||
| NIKE, Inc., Class B | 149 | 14 | ||||||
| Tobacco (4.0%) | ||||||||
| Philip Morris International, Inc. | 444 | 41 | ||||||
| Total Common Stocks (Cost $924) | 947 | |||||||
| No. of Warrants | ||||||||
| Warrant (0.0%)‡ | ||||||||
| Software (0.0%)‡ | ||||||||
| Constellation Software, Inc., expires 3/31/40 (a) (Cost $—) | 16 | — | @ | |||||
| Shares | ||||||||
| Short-Term Investment (1.7%) | ||||||||
| Investment Company (1.7%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class (b) (Cost $18) | 18,033 | 18 | ||||||
| Total Investments (94.4%) (Cost $942) (c)(d) | 965 | |||||||
| Other Assets in Excess of Liabilities (5.6%) | 57 | |||||||
| Net Assets (100.0%) | $ | 1,022 | ||||||
| ‡ | Amount is less than 0.05%. |
| @ | Value is less than $500. |
| (a) | Non-income producing security. |
| (b) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2023, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Funds. |
| (c) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions. |
| (d) | At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $59,000 and the aggregate gross unrealized depreciation is approximately $36,000, resulting in net unrealized appreciation of approximately $23,000. |
Portfolio Composition
| Classification | Percentage of Total Investments | |||
| Other* | 29.4 | % | ||
| Life Sciences Tools & Services | 14.5 | |||
| Software | 14.2 | |||
| Financial Services | 8.2 | |||
| Health Care Equipment & Supplies | 8.0 | |||
| Professional Services | 7.7 | |||
| Capital Markets | 6.7 | |||
| Information Technology Services | 6.3 | |||
| Insurance | 5.0 | |||
| Total Investments | 100.0 | % | ||
| * | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Consolidated Portfolio of Investments
Asia Opportunity Portfolio
| Shares | Value (000) | |||||||
| Common Stocks (100.9%) | ||||||||
| China (49.1%) | ||||||||
| China Resources Beer Holdings Co. Ltd. (a) | 542,300 | $ | 2,962 | |||||
| China Resources Mixc Lifestyle Services Ltd. (a) | 537,600 | 2,164 | ||||||
| Foshan Haitian Flavouring & Food Co. Ltd., Class A | 372,625 | 1,952 | ||||||
| Greentown Service Group Co. Ltd. (a) | 1,886,000 | 845 | ||||||
| Haidilao International Holding Ltd. (a) | 3,475,000 | 9,265 | ||||||
| Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 981,486 | 3,580 | ||||||
| KE Holdings, Inc. ADR | 495,553 | 7,691 | ||||||
| Kuaishou Technology (a)(b) | 614,800 | 4,891 | ||||||
| Kweichow Moutai Co. Ltd., Class A | 37,194 | 9,225 | ||||||
| Meituan, Class B (a)(b) | 624,420 | 9,039 | ||||||
| Qifu Technology, Inc. ADR | 258,665 | 3,973 | ||||||
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 76,500 | 2,843 | ||||||
| Shenzhou International Group Holdings Ltd. (a) | 449,600 | 4,276 | ||||||
| Tencent Holdings Ltd. (a) | 192,300 | 7,454 | ||||||
| Trip.com Group Ltd. ADR (b) | 233,654 | 8,171 | ||||||
| Tsingtao Brewery Co. Ltd. (a) | 310,000 | 2,524 | ||||||
| Wuliangye Yibin Co. Ltd., Class A | 158,700 | 3,420 | ||||||
| Yihai International Holding Ltd. (a)(b) | 377,000 | 647 | ||||||
| 84,922 | ||||||||
| Hong Kong (2.4%) | ||||||||
| AIA Group Ltd. | 505,100 | 4,085 | ||||||
| India (25.9%) | ||||||||
| Axis Bank Ltd. | 390,469 | 4,860 | ||||||
| HDFC Bank Ltd. | 757,875 | 13,899 | ||||||
| ICICI Bank Ltd. ADR | 483,533 | 11,179 | ||||||
| IndusInd Bank Ltd. | 337,789 | 5,791 | ||||||
| Shree Cement Ltd. | 4,989 | 1,527 | ||||||
| Titan Co. Ltd. | 135,827 | 5,138 | ||||||
| Zomato Ltd. (b) | 1,946,752 | 2,371 | ||||||
| 44,765 | ||||||||
| Indonesia (0.6%) | ||||||||
| Avia Avian Tbk PT | 29,490,700 | 1,068 | ||||||
| Korea, Republic of (11.7%) | ||||||||
| Coupang, Inc. (b) | 617,333 | 10,495 | ||||||
| KakaoBank Corp. | 235,114 | 4,069 | ||||||
| NAVER Corp. | 37,920 | 5,669 | ||||||
| 20,233 | ||||||||
| Singapore (5.3%) | ||||||||
| Grab Holdings Ltd., Class A (b) | 1,873,344 | 6,632 | ||||||
| Sea Ltd. ADR (b) | 42,950 | 1,888 | ||||||
| Super Hi International Holding Ltd. (a)(b)(c) | 382,299 | 751 | ||||||
| 9,271 | ||||||||
| Taiwan (5.9%) | ||||||||
| Nien Made Enterprise Co. Ltd. | 237,000 | 2,275 | ||||||
| Silergy Corp. | 152,000 | 1,441 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 398,000 | 6,490 | ||||||
| 10,206 | ||||||||
| Total Common Stocks (Cost $167,101) | 174,550 | |||||||
| Short-Term Investment (2.1%) | ||||||||
| Investment Company (2.1%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (d) (Cost $3,579) | 3,578,548 | 3,579 | ||||||
| Total Investments (103.0%) (Cost $170,680) Including $436 of Securities Loaned (e)(f)(g) | 178,129 | |||||||
| Liabilities in Excess of Other Assets (–3.0%) | (5,134 | ) | ||||||
| Net Assets (100.0%) | $ | 172,995 | ||||||
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments andaggregations under the policies set forth in the Fund’s prospectus and/or statement of additional information relating to geographic classifications.
| (a) | Security trades on the Hong Kong exchange. |
| (b) | Non-income producing security. |
| (c) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2023, were approximately $436,000 and $441,000 respectively. The Fund received non-cash collateral of approximately $441,000 in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Consolidated Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand. |
| (d) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2023, advisory fees paid were reduced by approximately $10,000 relating to the Fund's investment in the Liquidity Funds. |
| (e) | The approximate fair value and percentage of net assets, $124,521,000 and 72.0%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
| (f) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions. |
| (g) | At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $34,313,000 and the aggregate gross unrealized depreciation is approximately $26,864,000, resulting in net unrealized appreciation of approximately $7,449,000. |
| ADR | American Depositary Receipt. |
Portfolio Composition
| Classification | Percentage of Total Investments | |||
| Other* | 23.6 | % | ||
| Banks | 22.3 | |||
| Hotels, Restaurants & Leisure | 16.6 | |||
| Beverages | 10.2 | |||
| Interactive Media & Services | 10.1 | |||
| Real Estate Management & Development | 6.0 | |||
| Broadline Retail | 5.9 | |||
| Textiles, Apparel & Luxury Goods | 5.3 | |||
| Total Investments | 100.0 | % | ||
| * | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Consolidated Portfolio of Investments
Counterpoint Global Portfolio
| Shares | Value (000) | |||||||
| Common Stocks (96.5%) | ||||||||
| Argentina (0.1%) | ||||||||
| Globant SA (a) | 61 | $ | 12 | |||||
| Brazil (0.3%) | ||||||||
| B3 SA - Brasil Bolsa Balcao | 592 | 1 | ||||||
| NU Holdings Ltd., Class A (a) | 2,729 | 20 | ||||||
| Vale SA | 69 | 1 | ||||||
| 22 | ||||||||
| Canada (4.1%) | ||||||||
| Brookfield Corp. | 206 | 6 | ||||||
| Brookfield Infrastructure Partners LP | 177 | 5 | ||||||
| Canada Goose Holdings, Inc. (a) | 518 | 8 | ||||||
| Canadian National Railway Co. | 581 | 63 | ||||||
| Canadian Pacific Kansas City Ltd. | 105 | 8 | ||||||
| Constellation Software, Inc. | 18 | 37 | ||||||
| FirstService Corp. | 6 | 1 | ||||||
| Lumine Group, Inc. (a) | 49 | 1 | ||||||
| Shopify, Inc., Class A (a) | 3,748 | 205 | ||||||
| Topicus.com, Inc. (a) | 461 | 30 | ||||||
| 364 | ||||||||
| China (1.2%) | ||||||||
| China Resources Mixc Lifestyle Services Ltd. (b) | 400 | 2 | ||||||
| Foshan Haitian Flavouring & Food Co. Ltd., Class A | 167 | 1 | ||||||
| Greentown Service Group Co. Ltd. (b) | 2,000 | 1 | ||||||
| Haidilao International Holding Ltd. (b) | 3,000 | 8 | ||||||
| Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 700 | 2 | ||||||
| KE Holdings, Inc. ADR | 386 | 6 | ||||||
| Kuaishou Technology (a)(b) | 500 | 4 | ||||||
| Meituan, Class B (a)(b) | 2,520 | 36 | ||||||
| Qifu Technology, Inc. ADR | 188 | 3 | ||||||
| Shenzhou International Group Holdings Ltd. (b) | 400 | 4 | ||||||
| Tencent Holdings Ltd. (b) | 200 | 8 | ||||||
| Trip.com Group Ltd. ADR (a) | 817 | 28 | ||||||
| Wuliangye Yibin Co. Ltd., Class A | 100 | 2 | ||||||
| 105 | ||||||||
| Denmark (1.2%) | ||||||||
| DSV AS | 551 | 103 | ||||||
| Novo Nordisk AS, Class B | 54 | 5 | ||||||
| 108 | ||||||||
| France (2.8%) | ||||||||
| Airbus SE | 147 | 20 | ||||||
| Christian Dior SE | 43 | 32 | ||||||
| EssilorLuxottica SA | 45 | 8 | ||||||
| Eurofins Scientific SE | 1,583 | 89 | ||||||
| Hermes International | 37 | 67 | ||||||
| L'Oreal SA | 2 | 1 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE | 10 | 7 | ||||||
| Pernod Ricard SA | 60 | 10 | ||||||
| Remy Cointreau SA | 5 | 1 | ||||||
| Safran SA | 83 | 13 | ||||||
| 248 | ||||||||
| Germany (0.2%) | ||||||||
| Adidas AG | 38 | 7 | ||||||
| HelloFresh SE (a) | 67 | 2 | ||||||
| Puma SE | 75 | 4 | ||||||
| 13 | ||||||||
| Hong Kong (0.1%) | ||||||||
| AIA Group Ltd. | 1,200 | 10 | ||||||
| India (2.0%) | ||||||||
| Axis Bank Ltd. | 338 | 4 | ||||||
| HDFC Bank Ltd. ADR | 1,813 | 107 | ||||||
| ICICI Bank Ltd. ADR | 1,952 | 45 | ||||||
| IndusInd Bank Ltd. | 239 | 4 | ||||||
| Shree Cement Ltd. | 4 | 1 | ||||||
| Titan Co. Ltd. | 246 | 10 | ||||||
| Zomato Ltd. (a) | 1,688 | 2 | ||||||
| 173 | ||||||||
| Indonesia (0.0%)‡ | ||||||||
| Avia Avian Tbk PT | 24,800 | 1 | ||||||
| Israel (3.6%) | ||||||||
| Global-e Online Ltd. (a) | 7,743 | 308 | ||||||
| Oddity Tech Ltd., Class A (a) | 226 | 6 | ||||||
| 314 | ||||||||
| Italy (1.0%) | ||||||||
| Brunello Cucinelli SpA | 54 | 4 | ||||||
| Davide Campari-Milano NV | 1,329 | 16 | ||||||
| Ferrari NV | 3 | 1 | ||||||
| Moncler SpA | 1,230 | 71 | ||||||
| 92 | ||||||||
| Japan (0.4%) | ||||||||
| Keyence Corp. | 100 | 37 | ||||||
| Korea, Republic of (1.3%) | ||||||||
| Coupang, Inc. (a) | 5,322 | 90 | ||||||
| KakaoBank Corp. | 477 | 8 | ||||||
| NAVER Corp. | 105 | 16 | ||||||
| 114 | ||||||||
| Mexico (0.0%)‡ | ||||||||
| Grupo Aeroportuario del Sureste SAB de CV, Class B | 45 | 1 | ||||||
| Netherlands (2.5%) | ||||||||
| Adyen NV (a) | 196 | 145 | ||||||
| ASML Holding NV | 36 | 21 | ||||||
| ASML Holding NV (Registered) | 16 | 9 | ||||||
| Basic-Fit NV (a) | 937 | 27 | ||||||
| Heineken NV | 176 | 16 | ||||||
| Universal Music Group NV | 34 | 1 | ||||||
| 219 | ||||||||
| Norway (0.0%)‡ | ||||||||
| AutoStore Holdings Ltd. (a) | 1,120 | 2 | ||||||
| Poland (0.0%)‡ | ||||||||
| Allegro.eu SA (a) | 181 | 1 | ||||||
| Singapore (1.5%) | ||||||||
| Grab Holdings Ltd., Class A (a) | 35,200 | 125 | ||||||
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Counterpoint Global Portfolio
| Shares | Value (000) | |||||||
| Singapore (cont'd) | ||||||||
| Sea Ltd. ADR (a) | 132 | $ | 6 | |||||
| Super Hi International Holding Ltd. (a)(b) | 300 | — | @ | |||||
| 131 | ||||||||
| Sweden (0.2%) | ||||||||
| Evolution AB | 138 | 14 | ||||||
| Vitrolife AB | 215 | 3 | ||||||
| 17 | ||||||||
| Switzerland (1.0%) | ||||||||
| Cie Financiere Richemont SA (Registered) | 35 | 4 | ||||||
| Givaudan SA (Registered) | 5 | 16 | ||||||
| Kuehne & Nagel International AG (Registered) | 40 | 12 | ||||||
| On Holding AG, Class A (a) | 798 | 22 | ||||||
| SIG Group AG (a) | 632 | 16 | ||||||
| Straumann Holding AG (Registered) | 120 | 15 | ||||||
| 85 | ||||||||
| Taiwan (0.2%) | ||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 1,000 | 16 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 35 | 3 | ||||||
| 19 | ||||||||
| United Kingdom (3.9%) | ||||||||
| Babcock International Group PLC (a) | 20,212 | 102 | ||||||
| Deliveroo PLC (a) | 2,146 | 3 | ||||||
| Diageo PLC | 251 | 9 | ||||||
| Fevertree Drinks PLC | 189 | 3 | ||||||
| Rentokil Initial PLC | 6,320 | 47 | ||||||
| Rightmove PLC | 1,048 | 7 | ||||||
| Victoria PLC (a) | 27,827 | 176 | ||||||
| 347 | ||||||||
| United States (68.9%) | ||||||||
| 10X Genomics, Inc., Class A (a) | 725 | 30 | ||||||
| Adobe, Inc. (a) | 110 | 56 | ||||||
| Advance Auto Parts, Inc. | 71 | 4 | ||||||
| Affirm Holdings, Inc. (a) | 7,695 | 164 | ||||||
| Agilon health, Inc. (a) | 8,992 | 160 | ||||||
| Airbnb, Inc., Class A (a) | 704 | 97 | ||||||
| Alnylam Pharmaceuticals, Inc. (a) | 3 | 1 | ||||||
| Alphabet, Inc., Class A (a) | 452 | 59 | ||||||
| Amazon.com, Inc. (a) | 1,116 | 142 | ||||||
| American Tower Corp. REIT | 126 | 21 | ||||||
| Appian Corp., Class A (a) | 1,863 | 85 | ||||||
| Arbutus Biopharma Corp. (a) | 8,662 | 18 | ||||||
| ATAI Life Sciences NV (a) | 1,058 | 1 | ||||||
| Aurora Innovation, Inc. (a) | 18,994 | 45 | ||||||
| Axon Enterprise, Inc. (a) | 1 | — | @ | |||||
| Ball Corp. | 34 | 2 | ||||||
| BARK, Inc. (a) | 1,620 | 2 | ||||||
| Beam Therapeutics, Inc. (a) | 89 | 2 | ||||||
| Bill Holdings, Inc. (a) | 2,017 | 219 | ||||||
| Block, Inc., Class A (a) | 427 | 19 | ||||||
| Brown & Brown, Inc. | 381 | 27 | ||||||
| Cadence Design Systems, Inc. (a) | 1 | — | @ | |||||
| Cardlytics, Inc. N (a) | 117 | 2 | ||||||
| Carvana Co. (a) | 4,053 | 170 | ||||||
| Cava Group, Inc. (a) | 60 | 2 | ||||||
| Celsius Holdings, Inc. (a) | 11 | 2 | ||||||
| Chewy, Inc., Class A (a) | 65 | 1 | ||||||
| Cintas Corp. | 1 | — | @ | |||||
| Cloudflare, Inc., Class A (a) | 20,795 | 1,311 | ||||||
| Coinbase Global, Inc., Class A (a) | 4 | — | @ | |||||
| Confluent, Inc., Class A (a) | 252 | 7 | ||||||
| Constellation Brands, Inc., Class A | 94 | 24 | ||||||
| Copart, Inc. (a) | 4 | — | @ | |||||
| Cricut, Inc., Class A | 15,472 | 144 | ||||||
| Crowdstrike Holdings, Inc., Class A (a) | 131 | 22 | ||||||
| Danaher Corp. | 113 | 28 | ||||||
| Datadog, Inc., Class A (a) | 22 | 2 | ||||||
| Deckers Outdoor Corp. (a) | 26 | 13 | ||||||
| Dexcom, Inc. (a) | 33 | 3 | ||||||
| Dlocal Ltd. (a) | 129 | 2 | ||||||
| Dollar General Corp. | 764 | 81 | ||||||
| Domino's Pizza, Inc. | 1 | — | @ | |||||
| DoorDash, Inc., Class A (a) | 2,157 | 171 | ||||||
| Doximity, Inc., Class A (a) | 1,500 | 32 | ||||||
| Duolingo, Inc. (a) | 49 | 8 | ||||||
| Ecolab, Inc. | 14 | 2 | ||||||
| Elanco Animal Health, Inc. (a) | 1,513 | 17 | ||||||
| Endeavor Group Holdings, Inc., Class A (a) | 606 | 12 | ||||||
| Enphase Energy, Inc. (a) | 5 | 1 | ||||||
| Estee Lauder Cos., Inc., Class A | 1 | — | @ | |||||
| Eventbrite, Inc., Class A (a) | 1,348 | 13 | ||||||
| Fastenal Co. | 3 | — | @ | |||||
| Fastly, Inc., Class A (a) | 4,774 | 92 | ||||||
| Figs, Inc., Class A (a) | 602 | 4 | ||||||
| Floor & Decor Holdings, Inc., Class A (a) | 1,293 | 117 | ||||||
| Gartner, Inc. (a) | 43 | 15 | ||||||
| GH Research PLC (a) | 183 | 2 | ||||||
| Ginkgo Bioworks Holdings, Inc. (a) | 8,341 | 15 | ||||||
| Gitlab, Inc., Class A (a) | 1,137 | 51 | ||||||
| Guardant Health, Inc. (a) | 60 | 2 | ||||||
| HEICO Corp., Class A | 1 | — | @ | |||||
| Hilton Worldwide Holdings, Inc. | 120 | 18 | ||||||
| Home Depot, Inc. | 8 | 2 | ||||||
| HubSpot, Inc. (a) | 92 | 45 | ||||||
| Illumina, Inc. (a) | 97 | 13 | ||||||
| Inspire Medical Systems, Inc. (a) | 10 | 2 | ||||||
| Intellia Therapeutics, Inc. (a) | 285 | 9 | ||||||
| Intercontinental Exchange, Inc. | 462 | 51 | ||||||
| International Flavors & Fragrances, Inc. | 334 | 23 | ||||||
| Intuitive Surgical, Inc. (a) | 7 | 2 | ||||||
| Joby Aviation, Inc. (a) | 770 | 5 | ||||||
| Klaviyo, Inc., Class A (a) | 96 | 3 | ||||||
| Linde PLC | 2 | 1 | ||||||
| Lithia Motors, Inc., Class A | 48 | 14 | ||||||
| Lululemon Athletica, Inc. (a) | 12 | 5 | ||||||
| Maplebear, Inc. (a) | 48 | 1 | ||||||
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Counterpoint Global Portfolio
| Shares | Value (000) | |||||||
| United States (cont'd) | ||||||||
| Martin Marietta Materials, Inc. | 1 | $ | — | @ | ||||
| Mastercard, Inc., Class A | 83 | 33 | ||||||
| MaxCyte, Inc. (a) | 603 | 2 | ||||||
| McCormick & Co., Inc. | 2 | — | @ | |||||
| McDonald's Corp. | 1 | — | @ | |||||
| MercadoLibre, Inc. (a) | 145 | 184 | ||||||
| Meta Platforms, Inc., Class A (a) | 201 | 60 | ||||||
| MicroStrategy, Inc., Class A (a) | 62 | 20 | ||||||
| Moderna, Inc. (a) | 1 | — | @ | |||||
| MongoDB, Inc. (a) | 44 | 15 | ||||||
| MP Materials Corp. (a) | 89 | 2 | ||||||
| MSCI, Inc. | 3 | 2 | ||||||
| Netflix, Inc. (a) | 3 | 1 | ||||||
| Occidental Petroleum Corp. | 397 | 26 | ||||||
| Opendoor Technologies, Inc. (a) | 1,208 | 3 | ||||||
| Outset Medical, Inc. (a) | 169 | 2 | ||||||
| Peloton Interactive, Inc., Class A (a) | 13,825 | 70 | ||||||
| Penumbra, Inc. N (a) | 7 | 2 | ||||||
| Pool Corp. | 7 | 3 | ||||||
| Privia Health Group, Inc. (a) | 90 | 2 | ||||||
| Procore Technologies, Inc. (a) | 1,145 | 75 | ||||||
| ProKidney Corp. (a) | 1,831 | 8 | ||||||
| Redfin Corp. (a) | 341 | 2 | ||||||
| Rivian Automotive, Inc., Class A (a) | 8 | — | @ | |||||
| ROBLOX Corp., Class A (a) | 5,009 | 145 | ||||||
| Roivant Sciences Ltd. (a) | 4,951 | 58 | ||||||
| Rollins, Inc. | 4 | — | @ | |||||
| Roper Technologies, Inc. | 1 | — | @ | |||||
| Royal Gold, Inc. | 140 | 15 | ||||||
| Royalty Pharma PLC, Class A | 7,905 | 215 | ||||||
| S&P Global, Inc. | 38 | 14 | ||||||
| Salesforce, Inc. (a) | 133 | 27 | ||||||
| Samsara, Inc., Class A (a) | 3,602 | 91 | ||||||
| Schrodinger, Inc. (a) | 64 | 2 | ||||||
| Service Corp. International | 3 | — | @ | |||||
| ServiceNow, Inc. (a) | 171 | 96 | ||||||
| Sherwin-Williams Co. | 1 | — | @ | |||||
| Snap, Inc., Class A (a) | 69 | 1 | ||||||
| Snowflake, Inc., Class A (a) | 2,047 | 313 | ||||||
| Soho House & Co., Inc., Class A (a) | 276 | 2 | ||||||
| SomaLogic, Inc. (a) | 1,807 | 4 | ||||||
| Spotify Technology SA (a) | 414 | 64 | ||||||
| Standard BioTools, Inc. (a) | 3,020 | 9 | ||||||
| Starbucks Corp. | 2 | — | @ | |||||
| Synopsys, Inc. (a) | 1 | — | @ | |||||
| Tesla, Inc. (a) | 419 | 105 | ||||||
| Texas Pacific Land Corp. | 10 | 18 | ||||||
| TKO Group Holdings, Inc. | 121 | 10 | ||||||
| Toast, Inc., Class A (a) | 3,854 | 72 | ||||||
| Tractor Supply Co. | 11 | 2 | ||||||
| Trade Desk, Inc., Class A (a) | 2,246 | 176 | ||||||
| Tyler Technologies, Inc. (a) | 5 | 2 | ||||||
| Uber Technologies, Inc. (a) | 5,510 | 253 | ||||||
| Union Pacific Corp. | 26 | 5 | ||||||
| Unity Software, Inc. (a) | 19 | 1 | ||||||
| Veeva Systems, Inc., Class A (a) | 13 | 3 | ||||||
| Visa, Inc., Class A | 163 | 37 | ||||||
| Walt Disney Co. (a) | 463 | 38 | ||||||
| Waste Connections, Inc. | 6 | 1 | ||||||
| Watsco, Inc. | 5 | 2 | ||||||
| Wayfair, Inc., Class A (a) | 575 | 35 | ||||||
| XPEL, Inc. (a) | 25 | 2 | ||||||
| Zoetis, Inc. | 1 | — | @ | |||||
| ZoomInfo Technologies, Inc., Class A (a) | 1,629 | 27 | ||||||
| 6,073 | ||||||||
| Total Common Stocks (Cost $7,273) | 8,508 | |||||||
| Preferred Stocks (0.5%) | ||||||||
| United States (0.5%) | ||||||||
| Databricks, Inc., Series H (a)(c)(d) (acquisition cost — $44; acquired 8/31/21) | 594 | 44 | ||||||
| Databricks, Inc., Series I (a)(c)(d) (acquisition cost — $1; acquired 9/15/23) | 19 | 1 | ||||||
| Stripe, Inc., Series H (a)(c)(d) (acquisition cost — $2; acquired 3/17/23) | 123 | 3 | ||||||
| Total Preferred Stocks (Cost $47) | 48 | |||||||
| Investment Company (1.3%) | ||||||||
| United States (1.3%) | ||||||||
| Grayscale Bitcoin Trust (a) (Cost $195) | 5,728 | 110 | ||||||
| No. of Warrants | ||||||||
| Warrants (0.0%)‡ | ||||||||
| Canada (0.0%) ‡ | ||||||||
| Constellation Software, Inc. expires 3/31/40 (a) | 18 | — | @ | |||||
| United States (0.0%) ‡ | ||||||||
| BARK, Inc. expires 5/01/26 (a) | 373 | — | @ | |||||
| Ginkgo Bioworks Holdings, Inc. expires 12/31/27 (a) | 261 | — | @ | |||||
| SomaLogic, Inc. expires 8/31/26 (a) | 96 | — | @ | |||||
| — | @ | |||||||
| Total Warrants (Cost $3) | — | @ | ||||||
| Shares | ||||||||
| Short-Term Investment (1.0%) | ||||||||
| Investment Company (1.0%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (e) (Cost $90) | 90,082 | 90 | ||||||
| Total Investments Excluding Purchased Options (99.3%) (Cost $7,608) | 8,756 | |||||||
| Total Purchased Options Outstanding (0.2%) (Cost $17) | 19 | |||||||
| Total Investments (99.5%) (Cost $7,625) (f)(g)(h)(i) | 8,775 | |||||||
| Other Assets in Excess of Liabilities (0.5%) | 41 | |||||||
| Net Assets (100.0%) | $ | 8,816 | ||||||
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Counterpoint Global Portfolio
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund’s prospectus and/or statement of additional information relating to geographic classifications.
| ‡ | Amount is less than 0.05%. |
| @ | Value is less than $500. |
| (a) | Non-income producing security. |
| (b) | Security trades on the Hong Kong exchange. |
| (c) | Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities (excluding 144A holdings) at September 30, 2023 amounts to approximately $48,000 and represents 0.5% of net assets. |
| (d) | At September 30, 2023, the Fund held fair valued securities valued at approximately $48,000, representing 0.5% of net assets. These securities have been fair valued as determined in good faith under procedures established by and under the general supervision of the Company's (as defined herein) Directors. |
| (e) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2023, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Funds. |
| (f) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions. |
| (g) | Securities are available for collateral in connection with purchased options. |
| (h) | The approximate fair value and percentage of net assets, $1,279,000 and 14.5%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
| (i) | At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,950,000 and the aggregate gross unrealized depreciation is approximately $800,000, resulting in net unrealized appreciation of approximately $1,150,000. |
| ADR | American Depositary Receipt. |
| REIT | Real Estate Investment Trust. |
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Counterpoint Global Portfolio
Call Options Purchased:
The Fund had the following call options purchased open at September 30, 2023:
| Counterparty | Description | Strike Price | Expiration Date | Number of Contracts | Notional Amount (000) | Value (000) | Premiums Paid (000) | Unrealized Appreciation (Depreciation) (000) | ||||||||||||||
| JPMorgan Chase Bank NA | USD/CNH | CNH | 7.43 | Jan–24 | 1,001,997 | $ | 1,002 | $ | 5 | $ | 5 | $ | (— | @) | ||||||||
| JPMorgan Chase Bank NA | USD/CNH | CNH | 7.57 | May–24 | 1,505,000 | 1,505 | 8 | 6 | 2 | |||||||||||||
| JPMorgan Chase Bank NA | USD/CNH | CNH | 7.79 | Aug–24 | 1,505,059 | 1,505 | 6 | 6 | (— | @) | ||||||||||||
| $ | 19 | $ | 17 | $ | 2 | |||||||||||||||||
| @ | Value is less than $500. | |
| CNH | — | Chinese Yuan Renminbi Offshore |
| USD | — | United States Dollar |
| Portfolio Composition | ||||
| Classification | Percentage of Total Investments | |||
| Other* | 47.9 | % | ||
| Information Technology Services | 22.4 | |||
| Software | 10.9 | |||
| Broadline Retail | 8.2 | |||
| Financial Services | 5.4 | |||
| Ground Transportation | 5.2 | |||
| Total Investments | 100.0 | % | ||
| * | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report − September 30, 2023 (unaudited)
Consolidated Portfolio of Investments
Developing Opportunity Portfolio
| Shares | Value (000) | |||||||
| Common Stocks (99.0%) | ||||||||
| Argentina (3.6%) | ||||||||
| Globant SA (a) | 7,227 | $ | 1,430 | |||||
| Brazil (5.5%) | ||||||||
| B3 SA - Brasil Bolsa Balcao | 304,578 | 745 | ||||||
| NU Holdings Ltd., Class A (a) | 201,986 | 1,464 | ||||||
| 2,209 | ||||||||
| China (34.6%) | ||||||||
| China Resources Beer Holdings Co. Ltd. (b) | 96,000 | 524 | ||||||
| China Resources Mixc Lifestyle Services Ltd. (b) | 113,400 | 457 | ||||||
| Haidilao International Holding Ltd. (b) | 587,000 | 1,565 | ||||||
| Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 160,600 | 586 | ||||||
| KE Holdings, Inc. ADR | 87,875 | 1,364 | ||||||
| Kuaishou Technology (a)(b) | 98,200 | 781 | ||||||
| Kweichow Moutai Co. Ltd., Class A | 6,789 | 1,684 | ||||||
| Meituan, Class B (a)(b) | 120,180 | 1,740 | ||||||
| Qifu Technology, Inc. ADR | 38,518 | 592 | ||||||
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 11,300 | 420 | ||||||
| Shenzhou International Group Holdings Ltd. (b) | 78,200 | 744 | ||||||
| Tencent Holdings Ltd. (b) | 31,300 | 1,213 | ||||||
| Trip.com Group Ltd. ADR (a) | 43,160 | 1,509 | ||||||
| Wuliangye Yibin Co. Ltd., Class A | 26,000 | 560 | ||||||
| 13,739 | ||||||||
| India (22.3%) | ||||||||
| Axis Bank Ltd. | 86,715 | 1,079 | ||||||
| HDFC Bank Ltd. | 146,987 | 2,696 | ||||||
| ICICI Bank Ltd. ADR | 96,809 | 2,238 | ||||||
| IndusInd Bank Ltd. | 49,185 | 843 | ||||||
| Shree Cement Ltd. | 1,150 | 352 | ||||||
| Titan Co. Ltd. | 29,836 | 1,129 | ||||||
| Zomato Ltd. (a) | 431,980 | 526 | ||||||
| 8,863 | ||||||||
| Indonesia (1.6%) | ||||||||
| Avia Avian Tbk PT | 17,845,700 | 646 | ||||||
| Korea, Republic of (11.1%) | ||||||||
| Coupang, Inc. (a) | 138,308 | 2,351 | ||||||
| KakaoBank Corp. | 45,328 | 785 | ||||||
| NAVER Corp. | 8,488 | 1,269 | ||||||
| 4,405 | ||||||||
| Mexico (1.3%) | ||||||||
| Grupo Aeroportuario del Sureste SAB de CV, Class B | 21,985 | 538 | ||||||
| Singapore (5.0%) | ||||||||
| Grab Holdings Ltd., Class A (a) | 407,428 | 1,443 | ||||||
| Sea Ltd. ADR (a) | 9,403 | 413 | ||||||
| Super Hi International Holding Ltd. (a)(b) | 60,000 | 118 | ||||||
| 1,974 | ||||||||
| Taiwan (5.3%) | ||||||||
| Nien Made Enterprise Co. Ltd. | 32,000 | 307 | ||||||
| Silergy Corp. | 35,000 | 332 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 89,000 | 1,451 | ||||||
| 2,090 | ||||||||
| United States (8.7%) | ||||||||
| MercadoLibre, Inc. (a) | 2,719 | 3,447 | ||||||
| Total Common Stocks (Cost $37,537) | 39,341 | |||||||
| Short-Term Investment (0.7%) | ||||||||
| Investment Company (0.7%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (c) (Cost $287) | 286,957 | 287 | ||||||
| Total Investments (99.7%) (Cost $37,824) (d)(e)(f) | 39,628 | |||||||
| Other Assets in Excess of Liabilities (0.3%) | 112 | |||||||
| Net Assets (100.0%) | $ | 39,740 | ||||||
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report − September 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Developing Opportunity Portfolio
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund’s prospectus and/or statement of additional information relating to geographic classifications.
| (a) | Non-income producing security. |
| (b) | Security trades on the Hong Kong exchange. |
| (c) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2023, advisory fees paid were reduced by approximately $1,000 relating to the Fund's investment in the Liquidity Funds. |
| (d) | The approximate fair value and percentage of net assets, $21,807,000 and 54.9%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
| (e) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions. |
| (f) | At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $6,478,000 and the aggregate gross unrealized depreciation is approximately $4,674,000, resulting in net unrealized appreciation of approximately $1,804,000. |
| ADR | American Depositary Receipt. |
| Portfolio Composition | ||||
| Classification | Percentage of Total Investments | |||
| Other* | 33.5 | % | ||
| Banks | 23.0 | |||
| Broadline Retail | 14.6 | |||
| Hotels, Restaurants & Leisure | 13.7 | |||
| Interactive Media & Services | 8.3 | |||
| Beverages | 6.9 | |||
| Total Investments | 100.0 | % | ||
| * | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Portfolio of Investments
Emerging Markets ex China Portfolio
| Shares | Value (000) | |||||||
| Common Stocks (99.0%) | ||||||||
| Brazil (8.9%) | ||||||||
| Banco BTG Pactual SA (Units) (a) | 13,862 | $ | 86 | |||||
| Itau Unibanco Holding SA (Preference) | 12,241 | 66 | ||||||
| Localiza Rent a Car SA | 5,817 | 68 | ||||||
| Lojas Renner SA | 24,320 | 65 | ||||||
| Petroleo Brasileiro SA (Preference) | 19,453 | 134 | ||||||
| Raia Drogasil SA | 18,297 | 100 | ||||||
| 519 | ||||||||
| India (30.0%) | ||||||||
| Bajaj Auto Ltd. | 2,258 | 137 | ||||||
| Bajaj Finance Ltd. | 1,024 | 96 | ||||||
| Delhivery Ltd. (b) | 7,787 | 39 | ||||||
| HDFC Bank Ltd. | 11,868 | 218 | ||||||
| Hindalco Industries Ltd. | 14,710 | 87 | ||||||
| ICICI Bank Ltd. | 14,170 | 162 | ||||||
| ICICI Prudential Life Insurance Co. Ltd. | 8,411 | 57 | ||||||
| Infosys Ltd. | 4,928 | 85 | ||||||
| Infosys Ltd. ADR | 3,149 | 54 | ||||||
| Larsen & Toubro Ltd. | 1,915 | 69 | ||||||
| Macrotech Developers Ltd. | 6,752 | 65 | ||||||
| Mahindra & Mahindra Ltd. | 5,395 | 101 | ||||||
| MakeMyTrip Ltd. (b) | 1,171 | 47 | ||||||
| Max Healthcare Institute Ltd. (b) | 17,511 | 120 | ||||||
| Pidilite Industries Ltd. | 1,566 | 46 | ||||||
| Reliance Industries Ltd. | 6,384 | 180 | ||||||
| Star Health & Allied Insurance Co. Ltd. (b) | 8,897 | 64 | ||||||
| State Bank of India | 17,247 | 124 | ||||||
| 1,751 | ||||||||
| Indonesia (5.5%) | ||||||||
| Bank Central Asia Tbk PT | 132,600 | 76 | ||||||
| Bank Mandiri Persero Tbk PT | 249,600 | 97 | ||||||
| Bank Rakyat Indonesia Persero Tbk PT | 303,200 | 102 | ||||||
| Cisarua Mountain Dairy PT TBK | 169,700 | 44 | ||||||
| 319 | ||||||||
| Korea, Republic of (12.4%) | ||||||||
| KB Financial Group, Inc. | 2,004 | 82 | ||||||
| Kia Corp. | 692 | 42 | ||||||
| Korea Zinc Co. Ltd. | 145 | 54 | ||||||
| LG Chem Ltd. | 79 | 29 | ||||||
| Samsung Electronics Co. Ltd. | 7,281 | 368 | ||||||
| Samsung SDI Co. Ltd. | 89 | 34 | ||||||
| SK Hynix, Inc. | 1,384 | 117 | ||||||
| 726 | ||||||||
| Mexico (8.6%) | ||||||||
| Becle SAB de CV | 39,641 | 94 | ||||||
| Gruma SAB de CV , Class B | 5,401 | 92 | ||||||
| Grupo Aeroportuario del Sureste SAB de CV, Class B | 1,093 | 27 | ||||||
| Grupo Financiero Banorte SAB de CV Series O | 3,381 | 28 | ||||||
| Qualitas Controladora SAB de CV | 8,877 | 67 | ||||||
| Regional SAB de CV | 11,822 | 85 | ||||||
| Wal-Mart de Mexico SAB de CV | 28,306 | 107 | ||||||
| 500 | ||||||||
| Poland (3.6%) | ||||||||
| Grupa Kety SA | 635 | 95 | ||||||
| LPP SA | 38 | 113 | ||||||
| 208 | ||||||||
| Portugal (1.5%) | ||||||||
| Galp Energia SGPS SA | 5,919 | 88 | ||||||
| South Africa (4.1%) | ||||||||
| Anglo American PLC | 3,642 | 101 | ||||||
| AVI Ltd. | 14,619 | 58 | ||||||
| Capitec Bank Holdings Ltd. | 877 | 79 | ||||||
| 238 | ||||||||
| Sweden (1.1%) | ||||||||
| Medicover AB | 4,953 | 65 | ||||||
| Switzerland (1.5%) | ||||||||
| SIG Group AG (b) | 3,707 | 91 | ||||||
| Taiwan (15.7%) | ||||||||
| Advantech Co. Ltd. | 1,000 | 11 | ||||||
| Airtac International Group | 1,000 | 30 | ||||||
| Chailease Holding Co. Ltd. | 14,220 | 80 | ||||||
| CTBC Financial Holding Co. Ltd. | 47,000 | 36 | ||||||
| Delta Electronics, Inc. | 7,000 | 70 | ||||||
| MediaTek, Inc. | 3,000 | 69 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 20,000 | 326 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 2,329 | 202 | ||||||
| United Microelectronics Corp. | 31,000 | 44 | ||||||
| Voltronic Power Technology Corp. | 1,000 | 49 | ||||||
| 917 | ||||||||
| Thailand (2.5%) | ||||||||
| Central Retail Corp. PCL | 21,400 | 23 | ||||||
| CP ALL PCL | 13,400 | 22 | ||||||
| Kasikornbank PCL | 12,200 | 42 | ||||||
| Tisco Financial Group PCL | 21,100 | 57 | ||||||
| 144 | ||||||||
| United Kingdom (3.6%) | ||||||||
| Antofagasta PLC | 4,708 | 82 | ||||||
| Mondi PLC | 7,726 | 129 | ||||||
| 211 | ||||||||
| Total Common Stocks (Cost $5,271) | 5,777 | |||||||
| No. of Rights | ||||||||
| Rights (0.0%)‡ | ||||||||
| Brazil (0.0%)‡ | ||||||||
| Localiza Rent a Car SA, expires 11/10/23 (b) (Cost $—) | 42 | — | @ | |||||
| Total Investments (99.0%) (Cost $5,271) (c)(d)(e) | 5,777 | |||||||
| Other Assets in Excess of Liabilities (1.0%) | 57 | |||||||
| Net Assets (100.0%) | $ | 5,834 | ||||||
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Portfolio of Investments (cont'd)
Emerging Markets ex China Portfolio
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund’s prospectus and/or statement of additional information relating to geographic classifications.
| @ | Value is less than $500. |
| ‡ | Amount is less than 0.05%. |
| (a) | Consists of one or more classes of securities traded together as a unit; stocks with attached warrants. |
| (b) | Non-income producing security. |
| (c) | The approximate fair value and percentage of net assets, $4,309,000 and 73.9%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
| (d) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions. |
| (e) | At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $689,000 and the aggregate gross unrealized depreciation is approximately $183,000, resulting in net unrealized appreciation of approximately $506,000. |
| ADR | American Depositary Receipt. |
Portfolio Composition
| Classification | Percentage of Total Investments | |||
| Other* | 44.4 | % | ||
| Banks | 21.7 | |||
| Semiconductors & Semiconductor Equipment | 13.1 | |||
| Metals & Mining | 7.3 | |||
| Oil, Gas & Consumable Fuels | 6.9 | |||
| Tech Hardware, Storage & Peripherals | 6.6 | |||
| Total Investments | 100.0 | % | ||
| * | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Portfolio of Investments
Emerging Markets Leaders Portfolio
| Shares | Value (000) | |||||||
| Common Stocks (99.8%) | ||||||||
| Argentina (6.3%) | ||||||||
| Globant SA (a) | 88,210 | $ | 17,452 | |||||
| Brazil (11.5%) | ||||||||
| Localiza Rent a Car SA | 733,433 | 8,545 | ||||||
| NU Holdings Ltd., Class A (Cayman Island) (a) | 2,501,557 | 18,136 | ||||||
| WEG SA | 737,728 | 5,323 | ||||||
| 32,004 | ||||||||
| China (22.1%) | ||||||||
| BYD Co. Ltd., H Shares (b) | 438,000 | 13,495 | ||||||
| China Meidong Auto Holdings Ltd. (b) | 4,434,000 | 2,423 | ||||||
| Li Ning Co. Ltd. (b) | 2,940,000 | 12,276 | ||||||
| Proya Cosmetics Co. Ltd., Class A | 634,779 | 8,849 | ||||||
| Shenzhou International Group Holdings Ltd. (b) | 1,977,400 | 18,804 | ||||||
| Sunresin New Materials Co. Ltd., Class A | 722,195 | 5,782 | ||||||
| 61,629 | ||||||||
| India (40.0%) | ||||||||
| 360 ONE WAM Ltd. | 885,515 | 5,342 | ||||||
| Aarti Industries Ltd. | 1,468,892 | 8,672 | ||||||
| Aarti Pharmalabs Ltd. (a) | 311,463 | 1,730 | ||||||
| AU Small Finance Bank Ltd. | 1,797,802 | 15,386 | ||||||
| Avenue Supermarts Ltd. (a) | 243,266 | 10,745 | ||||||
| Bajaj Finance Ltd. | 202,305 | 18,976 | ||||||
| Cholamandalam Investment & Finance Co. Ltd. | 10,303 | 151 | ||||||
| ICICI Bank Ltd. | 1,041,580 | 11,933 | ||||||
| KEI Industries Ltd. | 365,344 | 11,640 | ||||||
| Laurus Labs Ltd. | 30,394 | 145 | ||||||
| Timken India Ltd. | 74,618 | 2,778 | ||||||
| Titan Co. Ltd. | 172,179 | 6,513 | ||||||
| Trent Ltd. | 358,882 | 8,970 | ||||||
| TVS Motor Co. Ltd. | 467,863 | 8,549 | ||||||
| 111,530 | ||||||||
| Korea, Republic of (5.0%) | ||||||||
| SK Hynix, Inc. | 163,491 | 13,842 | ||||||
| Singapore (0.7%) | ||||||||
| TDCX, Inc. ADR (a) | 334,498 | 1,977 | ||||||
| Taiwan (5.7%) | ||||||||
| Delta Electronics, Inc. | 364,000 | 3,666 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 104,000 | 1,696 | ||||||
| Voltronic Power Technology Corp. | 216,334 | 10,654 | ||||||
| 16,016 | ||||||||
| United States (8.5%) | ||||||||
| EPAM Systems, Inc. (a) | 18,349 | 4,692 | ||||||
| MercadoLibre, Inc. (a) | 14,877 | 18,862 | ||||||
| 23,554 | ||||||||
| Total Common Stocks (Cost $256,940) | 278,004 | |||||||
| No. of Rights | ||||||||
| Rights (0.0%)‡ | ||||||||
| Brazil (0.0%)‡ | ||||||||
| Localiza Rent a Car SA, expires 11/10/23 (a) (Cost $—) | 5,378 | 17 | ||||||
| Total Investments (99.8%) (Cost $256,940) (c)(d) | 278,021 | |||||||
| Other Assets in Excess of Liabilities (0.2%) | 561 | |||||||
| Net Assets (100.0%) | $ | 278,582 | ||||||
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund’s prospectus and/or statement of additional information relating to geographic classifications.
| ‡ | Amount is less than 0.05%. |
| (a) | Non-income producing security. |
| (b) | Security trades on the Hong Kong exchange. |
| (c) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions. |
| (d) | At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $48,067,000 and the aggregate gross unrealized depreciation is approximately $26,986,000, resulting in net unrealized appreciation of approximately $21,081,000. |
| ADR | American Depositary Receipt. |
Portfolio Composition
| Classification | Percentage of Total Investments | |||
| Other* | 19.9 | % | ||
| Banks | 16.3 | |||
| Textiles, Apparel & Luxury Goods | 13.5 | |||
| Electrical Equipment | 9.9 | |||
| Information Technology Services | 8.0 | |||
| Automobiles | 7.9 | |||
| Consumer Finance | 6.9 | |||
| Broadline Retail | 6.8 | |||
| Semiconductors & Semiconductor Equipment | 5.6 | |||
| Chemicals | 5.2 | |||
| Total Investments | 100.0 | % | ||
| * | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Portfolio of Investments
Emerging Markets Portfolio
| Shares | Value (000) | |||||||
| Common Stocks (99.2%) | ||||||||
| Brazil (7.8%) | ||||||||
| Banco BTG Pactual SA (Units) (a) | 911,981 | $ | 5,637 | |||||
| Itau Unibanco Holding SA (Preference) | 1,002,683 | 5,428 | ||||||
| Localiza Rent a Car SA | 545,665 | 6,357 | ||||||
| Lojas Renner SA | 1,653,989 | 4,409 | ||||||
| Petroleo Brasileiro SA (Preference) | 1,281,664 | 8,832 | ||||||
| Raia Drogasil SA | 836,794 | 4,598 | ||||||
| WEG SA | 308,872 | 2,229 | ||||||
| 37,490 | ||||||||
| China (18.0%) | ||||||||
| Alibaba Group Holding Ltd. (b)(c) | 673,100 | 7,298 | ||||||
| BYD Co. Ltd., H Shares (b) | 259,000 | 7,980 | ||||||
| China Construction Bank Corp., H Shares (b) | 15,737,120 | 8,847 | ||||||
| China Mengniu Dairy Co. Ltd. (b)(c) | 1,469,000 | 4,900 | ||||||
| China Merchants Bank Co. Ltd., H Shares (b) | 1,147,500 | 4,764 | ||||||
| China Resources Beer Holdings Co. Ltd. (b) | 606,000 | 3,310 | ||||||
| China Tourism Group Duty Free Corp. Ltd. (b)(c)(d) | 118,500 | 1,565 | ||||||
| JD.com, Inc., Class A (b) | 102,973 | 1,498 | ||||||
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | 494,859 | 3,059 | ||||||
| Kweichow Moutai Co. Ltd., Class A | 20,849 | 5,171 | ||||||
| Li Ning Co. Ltd. (b) | 539,500 | 2,253 | ||||||
| Meituan, Class B (b)(c) | 187,390 | 2,713 | ||||||
| NARI Technology Co. Ltd., Class A | 965,900 | 2,939 | ||||||
| Postal Savings Bank of China Co. Ltd. (b) | 8,575,000 | 4,318 | ||||||
| Proya Cosmetics Co. Ltd., Class A | 202,528 | 2,823 | ||||||
| Shenzhou International Group Holdings Ltd. (b) | 664,900 | 6,323 | ||||||
| Sungrow Power Supply Co. Ltd., Class A | 243,295 | 2,982 | ||||||
| Tencent Holdings Ltd. (b) | 366,900 | 14,222 | ||||||
| 86,965 | ||||||||
| India (24.3%) | ||||||||
| Axis Bank Ltd. | 305,010 | 3,797 | ||||||
| Bajaj Auto Ltd. | 115,183 | 7,006 | ||||||
| Bajaj Finance Ltd. | 60,758 | 5,699 | ||||||
| Delhivery Ltd. (c) | 599,448 | 2,972 | ||||||
| HDFC Asset Management Co. Ltd. | 104,408 | 3,325 | ||||||
| HDFC Bank Ltd. | 468,528 | 8,593 | ||||||
| Hindalco Industries Ltd. | 1,092,224 | 6,447 | ||||||
| ICICI Bank Ltd. | 1,039,744 | 11,912 | ||||||
| ICICI Prudential Life Insurance Co. Ltd. | 559,070 | 3,805 | ||||||
| Infosys Ltd. | 343,465 | 5,902 | ||||||
| Infosys Ltd. ADR | 163,996 | 2,806 | ||||||
| Larsen & Toubro Ltd. | 137,785 | 5,006 | ||||||
| Macrotech Developers Ltd. (c) | 499,304 | 4,799 | ||||||
| Mahindra & Mahindra Ltd. | 362,274 | 6,765 | ||||||
| MakeMyTrip Ltd. (c) | 60,968 | 2,470 | ||||||
| Max Healthcare Institute Ltd. (c) | 1,125,180 | 7,686 | ||||||
| Pidilite Industries Ltd. | 106,059 | 3,111 | ||||||
| Reliance Industries Ltd. | 399,980 | 11,261 | ||||||
| Star Health & Allied Insurance Co. Ltd. (c) | 458,145 | 3,313 | ||||||
| State Bank of India | 1,071,959 | 7,700 | ||||||
| United Breweries Ltd. | 150,965 | 2,828 | ||||||
| 117,203 | ||||||||
| Indonesia (4.3%) | ||||||||
| Bank Central Asia Tbk PT | 9,019,800 | 5,139 | ||||||
| Bank Mandiri Persero Tbk PT | 20,553,600 | 8,000 | ||||||
| Bank Rakyat Indonesia Persero Tbk PT | 15,743,500 | 5,317 | ||||||
| Cisarua Mountain Dairy PT TBK | 9,410,000 | 2,416 | ||||||
| 20,872 | ||||||||
| Korea, Republic of (10.1%) | �� | |||||||
| DB Insurance Co. Ltd. | 18,210 | 1,207 | ||||||
| Hyundai Marine & Fire Insurance Co. Ltd. | 50,416 | 1,210 | ||||||
| KB Financial Group, Inc. | 83,724 | 3,415 | ||||||
| Kia Corp. | 47,441 | 2,855 | ||||||
| Korea Zinc Co. Ltd. | 8,836 | 3,310 | ||||||
| LG Chem Ltd. | 2,575 | 943 | ||||||
| Samsung Electronics Co. Ltd. | 493,245 | 24,935 | ||||||
| Samsung SDI Co. Ltd. | 7,237 | 2,735 | ||||||
| SK Hynix, Inc. | 96,222 | 8,147 | ||||||
| 48,757 | ||||||||
| Mexico (6.0%) | ||||||||
| Gruma SAB de CV , Class B | 474,186 | 8,100 | ||||||
| Grupo Aeroportuario del Sureste SAB de CV, Class B | 187,347 | 4,586 | ||||||
| Grupo Financiero Banorte SAB de CV Series O | 261,950 | 2,196 | ||||||
| Qualitas Controladora SAB de CV | 621,742 | 4,681 | ||||||
| Wal-Mart de Mexico SAB de CV | 2,480,029 | 9,361 | ||||||
| 28,924 | ||||||||
| Poland (1.7%) | ||||||||
| LPP SA | 2,815 | 8,355 | ||||||
| Portugal (2.1%) | ||||||||
| Galp Energia SGPS SA | 683,305 | 10,121 | ||||||
| Saudi Arabia (0.9%) | ||||||||
| Alinma Bank | 460,974 | 4,109 | ||||||
| South Africa (5.6%) | ||||||||
| Anglo American PLC | 352,031 | 9,732 | ||||||
| AVI Ltd. | 1,559,422 | 6,142 | ||||||
| Bidvest Group Ltd. (d) | 372,113 | 5,351 | ||||||
| Capitec Bank Holdings Ltd. | 63,629 | 5,753 | ||||||
| 26,978 | ||||||||
| Taiwan (13.5%) | ||||||||
| Advantech Co. Ltd. | 112,000 | 1,199 | ||||||
| Airtac International Group | 102,448 | 3,113 | ||||||
| Chailease Holding Co. Ltd. | 1,010,480 | 5,674 | ||||||
| CTBC Financial Holding Co. Ltd. | 2,691,000 | 2,044 | ||||||
| Delta Electronics, Inc. | 448,000 | 4,512 | ||||||
| MediaTek, Inc. | 200,000 | 4,573 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 1,748,205 | 28,507 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 108,699 | 9,446 | ||||||
| United Microelectronics Corp. | 2,658,000 | 3,732 | ||||||
| Voltronic Power Technology Corp. | 43,000 | 2,118 | ||||||
| 64,918 | ||||||||
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Portfolio of Investments (cont'd)
Emerging Markets Portfolio
| Shares | Value (000) | |||||||
| Thailand (1.9%) | ||||||||
| Central Retail Corp. PCL | 1,116,100 | $ | 1,184 | |||||
| CP ALL PCL | 696,500 | 1,155 | ||||||
| Kasikornbank PCL | 952,200 | 3,287 | ||||||
| Tisco Financial Group PCL | 1,319,000 | 3,574 | ||||||
| 9,200 | ||||||||
| United Kingdom (3.0%) | ||||||||
| Antofagasta PLC | 385,439 | 6,691 | ||||||
| Mondi PLC | 476,825 | 7,966 | ||||||
| 14,657 | ||||||||
| Total Common Stocks (Cost $422,078) | 478,549 | |||||||
| No. of Rights | ||||||||
| Rights (0.0%)‡ | ||||||||
| Brazil (0.0%)‡ | ||||||||
| Localiza Rent a Car SA, expires 11/10/23 (c) (Cost $—) | 4,001 | 13 | ||||||
| Shares | ||||||||
| Short-Term Investment (1.3%) | ||||||||
| Investment Company (1.3%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class (e) (Cost $6,261) | 6,260,678 | 6,261 | ||||||
| Total Investments (100.5%) (Cost $428,339) Including $4,877 of Securities Loaned (f)(g)(h)(i) | 484,823 | |||||||
| Liabilities in Excess of Other Assets (–0.5%) | (2,262 | ) | ||||||
| Net Assets (100.0%) | $ | 482,561 | ||||||
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund’s prospectus and/or statement of additional information relating to geographic classifications.
| ‡ | Amount is less than 0.05%. |
| (a) | Consists of one or more classes of securities traded together as a unit; stocks with attached warrants. |
| (b) | Security trades on the Hong Kong exchange. |
| (c) | Non-income producing security. |
| (d) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2023, were approximately $4,877,000 and $5,132,000 respectively. The Fund received non-cash collateral of approximately $5,132,000 in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand. |
| (e) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2023, advisory fees paid were reduced by approximately $13,000 relating to the Fund's investment in the Liquidity Funds. |
| (f) | The approximate fair value and percentage of net assets, $388,214,000 and 80.4%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
| (g) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions. |
| (h) | Securities are available for collateral in connection with open futures contracts. |
| (i) | At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $94,054,000 and the aggregate gross unrealized depreciation is approximately $37,673,000, resulting in net unrealized appreciation of approximately $56,381,000. |
| ADR | American Depositary Receipt. |
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report − September 30, 2023 (unaudited)
Portfolio of Investments (cont'd)
Emerging Markets Portfolio
Futures Contract:
The Fund had the following futures contract open at September 30, 2023:
| Number of Contracts | Expiration Date | Notional Amount (000) | Value (000) | Unrealized Depreciation (000) | ||||||||||||
| Long: | ||||||||||||||||
| MSCI Emerging Market Index (United States) | 60 | Dec-23 | $ | 2,970 | $ | 2,867 | $ | (103 | ) | |||||||
MSCI Morgan Stanley Capital International.
| Portfolio Composition | ||||
| Classification | Percentage of Total Investments | |||
| Other* | 46.4 | % | ||
| Banks | 20.3 | |||
| Semiconductors & Semiconductor Equipment | 11.2 | |||
| Oil, Gas & Consumable Fuels | 6.2 | |||
| Metals & Mining | 5.4 | |||
| Tech Hardware, Storage & Peripherals | 5.4 | |||
| Automobiles | 5.1 | |||
| Total Investments | 100.0 | %** | ||
| * | Industries and/or investment types representing less than 5% of total investments. |
| ** | Does not include an open long futures contract with a value of approximately $2,867,000 and unrealized depreciation of approximately $103,000. |
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Portfolio of Investments
Global Concentrated Portfolio
| Shares | Value (000) | |||||||
| Common Stocks (98.6%) | ||||||||
| China (10.9%) | ||||||||
| NetEase, Inc. ADR | 66,765 | $ | 6,687 | |||||
| Tencent Holdings Ltd. ADR | 98,806 | 3,821 | ||||||
| 10,508 | ||||||||
| France (7.3%) | ||||||||
| LVMH Moet Hennessy Louis Vuitton SE ADR | 46,603 | 7,042 | ||||||
| India (5.1%) | ||||||||
| HDFC Bank Ltd. ADR | 84,124 | 4,964 | ||||||
| Ireland (6.8%) | ||||||||
| CRH PLC ADR | 120,310 | 6,584 | ||||||
| Italy (8.1%) | ||||||||
| Ferrari NV | 26,633 | 7,871 | ||||||
| Japan (5.2%) | ||||||||
| Mitsui & Co. Ltd. ADR | 6,965 | 5,059 | ||||||
| Taiwan (4.7%) | ||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 51,804 | 4,502 | ||||||
| United States (50.5%) | ||||||||
| Ameriprise Financial, Inc. | 14,807 | 4,881 | ||||||
| Costco Wholesale Corp. | 10,186 | 5,755 | ||||||
| Danaher Corp. | 5,002 | 1,241 | ||||||
| JPMorgan Chase & Co. | 26,435 | 3,834 | ||||||
| Mastercard, Inc., Class A | 12,297 | 4,868 | ||||||
| Microsoft Corp. | 31,027 | 9,797 | ||||||
| Netflix, Inc. (a) | 1,592 | 601 | ||||||
| NextEra Energy, Inc. | 66,043 | 3,784 | ||||||
| NVIDIA Corp. | 8,667 | 3,770 | ||||||
| Pool Corp. | 1,979 | 705 | ||||||
| United Rentals, Inc. | 11,838 | 5,263 | ||||||
| Waste Management, Inc. | 27,856 | 4,246 | ||||||
| 48,745 | ||||||||
| Total Common Stocks (Cost $84,674) | 95,275 | |||||||
| Short-Term Investment (1.6%) | ||||||||
| Investment Company (1.6%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (b) (Cost $1,528) | 1,528,173 | 1,528 | ||||||
| Total Investments (100.2%) (Cost $86,202) (c)(d) | 96,803 | |||||||
| Liabilities in Excess of Other Assets (–0.2%) | (195 | ) | ||||||
| Net Assets (100.0%) | $ | 96,608 | ||||||
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund’s prospectus and/or statement of additional information relating to geographic classifications.
| (a) | Non-income producing security. |
| (b) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2023, advisory fees paid were reduced by approximately $1,000 relating to the Fund's investment in the Liquidity Funds. |
| (c) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions. |
| (d) | At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $12,853,000 and the aggregate gross unrealized depreciation is approximately $2,252,000, resulting in net unrealized appreciation of approximately $10,601,000. |
| ADR | American Depositary Receipt. |
| Portfolio Composition | ||||
| Classification | Percentage of Total Investments | |||
| Other* | 15.9 | % | ||
| Trading Companies & Distributors | 10.6 | |||
| Software | 10.1 | |||
| Banks | 9.1 | |||
| Semiconductors & Semiconductor Equipment | 8.5 | |||
| Automobiles | 8.1 | |||
| Entertainment | 7.5 | |||
| Textiles, Apparel & Luxury Goods | 7.3 | |||
| Construction Materials | 6.8 | |||
| Consumer Staples Distribution & Retail | 6.0 | |||
| Capital Markets | 5.1 | |||
| Financial Services | 5.0 | |||
| Total Investments | 100.0 | % | ||
| * | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Portfolio of Investments
Global Core Portfolio
| Shares | Value (000) | |||||||
| Common Stocks (97.8%) | ||||||||
| China (6.8%) | ||||||||
| Alibaba Group Holding Ltd. ADR (a) | 410 | $ | 36 | |||||
| NetEase, Inc. ADR | 7,672 | 768 | ||||||
| Tencent Holdings Ltd. ADR | 17,660 | 683 | ||||||
| 1,487 | ||||||||
| France (4.5%) | ||||||||
| LVMH Moet Hennessy Louis Vuitton SE | 1,296 | 978 | ||||||
| India (3.3%) | ||||||||
| HDFC Bank Ltd. ADR | 12,063 | 712 | ||||||
| Ireland (7.0%) | ||||||||
| CRH PLC ADR | 23,358 | 1,279 | ||||||
| Ryanair Holdings PLC ADR (a) | 2,571 | 250 | ||||||
| 1,529 | ||||||||
| Italy (5.9%) | ||||||||
| Ferrari NV | 4,358 | 1,288 | ||||||
| Japan (4.7%) | ||||||||
| Mitsui & Co. Ltd. ADR | 856 | 622 | ||||||
| Nippon Telegraph & Telephone Corp. ADR | 13,255 | 393 | ||||||
| 1,015 | ||||||||
| Taiwan (3.6%) | ||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 8,864 | 770 | ||||||
| United Kingdom (1.9%) | ||||||||
| Diageo PLC ADR | 855 | 128 | ||||||
| Experian PLC ADR | 8,713 | 284 | ||||||
| 412 | ||||||||
| United States (60.1%) | ||||||||
| Amazon.com, Inc. (a) | 2,812 | 357 | ||||||
| Ameriprise Financial, Inc. | 2,525 | 832 | ||||||
| Apple, Inc. | 9,121 | 1,562 | ||||||
| Applied Materials, Inc. | 1,111 | 154 | ||||||
| Brown & Brown, Inc. | 4,148 | 290 | ||||||
| Chevron Corp. | 5,657 | 954 | ||||||
| Danaher Corp. | 2,522 | 626 | ||||||
| Dollar General Corp. | 326 | 34 | ||||||
| Edwards Lifesciences Corp. (a) | 851 | 59 | ||||||
| Essex Property Trust, Inc. REIT | 282 | 60 | ||||||
| Fortune Brands Innovations, Inc. | 3,600 | 224 | ||||||
| Home Depot, Inc. | 663 | 200 | ||||||
| Jack Henry & Associates, Inc. | 462 | 70 | ||||||
| JPMorgan Chase & Co. | 5,030 | 729 | ||||||
| Lennar Corp., Class A | 1,153 | 129 | ||||||
| Linde PLC | 1,122 | 418 | ||||||
| Lululemon Athletica, Inc. (a) | 1,695 | 654 | ||||||
| Masterbrand, Inc. (a) | 3,481 | 42 | ||||||
| Mastercard, Inc., Class A | 1,497 | 593 | ||||||
| McDonald's Corp. | 2,253 | 594 | ||||||
| MGM Resorts International | 12,303 | 452 | ||||||
| Microsoft Corp. | 5,261 | 1,661 | ||||||
| NextEra Energy, Inc. | 7,556 | 433 | ||||||
| Nucor Corp. | 782 | 122 | ||||||
| NVIDIA Corp. | 522 | 227 | ||||||
| Pool Corp. | 190 | 68 | ||||||
| Progressive Corp. | 1,353 | 188 | ||||||
| RH (a) | 123 | 33 | ||||||
| Target Corp. | 1,213 | 134 | ||||||
| TJX Cos., Inc. | 3,004 | 267 | ||||||
| United Rentals, Inc. | 1,209 | 537 | ||||||
| Valero Energy Corp. | 843 | 119 | ||||||
| Veeva Systems, Inc., Class A (a) | 652 | 133 | ||||||
| Waste Management, Inc. | 361 | 55 | ||||||
| West Pharmaceutical Services, Inc. | 175 | 66 | ||||||
| 13,076 | ||||||||
| Total Common Stocks (Cost $16,439) | 21,267 | |||||||
| Short-Term Investment (1.6%) | ||||||||
| Investment Company (1.6%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (b) (Cost $359) | 359,255 | 359 | ||||||
| Total Investments (99.4%) (Cost $16,798) (c)(d)(e) | 21,626 | |||||||
| Other Assets in Excess of Liabilities (0.6%) | 124 | |||||||
| Net Assets (100.0%) | $ | 21,750 | ||||||
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund’s prospectus and/or statement of additional information relating to geographic classifications.
| (a) | Non-income producing security. |
| (b) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2023, advisory fees paid were reduced by approximately $1,000 relating to the Fund's investment in the Liquidity Funds. |
| (c) | The approximate fair value and percentage of net assets, $978,000 and 4.5%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
| (d) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions. |
| (e) | At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $5,222,000 and the aggregate gross unrealized depreciation is approximately $394,000, resulting in net unrealized appreciation of approximately $4,828,000. |
| ADR | American Depositary Receipt. |
| REIT | Real Estate Investment Trust. |
Portfolio Composition
| Classification | Percentage of Total Investments | ||
| Other* | 43.4 | % | |
| Software | 7.7 | ||
| Textiles, Apparel & Luxury Goods | 7.5 | ||
| Tech Hardware, Storage & Peripherals | 7.2 | ||
| Banks | 6.7 | ||
| Automobiles | 5.9 | ||
| Construction Materials | 5.9 | ||
| Trading Companies & Distributors | 5.4 | ||
| Semiconductors & Semiconductor Equipment | 5.3 | ||
| Oil, Gas & Consumable Fuels | 5.0 | ||
| Total Investments | 100.0 | % |
| * | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Portfolio of Investments
Global Endurance Portfolio
| Shares | Value (000) | |||||||
| Common Stocks (99.7%) | ||||||||
| Canada (3.9%) | ||||||||
| Canadian National Railway Co. | 16,548 | $ | 1,793 | |||||
| France (3.4%) | ||||||||
| Eurofins Scientific SE | 27,717 | 1,562 | ||||||
| Israel (4.5%) | ||||||||
| Global-e Online Ltd. (a) | 51,876 | 2,062 | ||||||
| Netherlands (6.1%) | ||||||||
| Adyen NV (a) | 1,390 | 1,030 | ||||||
| Basic-Fit NV (a)(b) | 25,936 | 734 | ||||||
| Heineken NV | 11,635 | 1,026 | ||||||
| 2,790 | ||||||||
| Switzerland (2.5%) | ||||||||
| Givaudan SA (Registered) | 169 | 550 | ||||||
| SIG Group AG (a) | 24,945 | 615 | ||||||
| 1,165 | ||||||||
| United Kingdom (10.6%) | ||||||||
| Babcock International Group PLC (a) | 446,798 | 2,245 | ||||||
| Victoria PLC (a)(b) | 410,013 | 2,601 | ||||||
| 4,846 | ||||||||
| United States (68.7%) | ||||||||
| Advance Auto Parts, Inc. | 9,326 | 522 | ||||||
| Alphabet, Inc., Class A (a) | 7,965 | 1,042 | ||||||
| Amazon.com, Inc. (a) | 7,394 | 940 | ||||||
| American Tower Corp. REIT | 1,381 | 227 | ||||||
| Appian Corp., Class A (a) | 55,265 | 2,521 | ||||||
| Arbutus Biopharma Corp. (a) | 190,420 | 387 | ||||||
| Bill Holdings, Inc. (a) | 16,246 | 1,764 | ||||||
| Carvana Co. (a) | 36,321 | 1,525 | ||||||
| Constellation Brands, Inc., Class A | 3,208 | 806 | ||||||
| Cricut, Inc., Class A (b) | 386,651 | 3,592 | ||||||
| Dollar General Corp. | 19,578 | 2,071 | ||||||
| Elanco Animal Health, Inc.( a) | 62,794 | 706 | ||||||
| Fastly, Inc., Class A (a) | 104,670 | 2,006 | ||||||
| Floor & Decor Holdings, Inc., Class A (a) | 25,315 | 2,291 | ||||||
| Hilton Worldwide Holdings, Inc. | 4,254 | 639 | ||||||
| HubSpot, Inc. (a) | 3,163 | 1,558 | ||||||
| International Flavors & Fragrances, Inc. | 12,795 | 872 | ||||||
| Lithia Motors, Inc., Class A | 3,502 | 1,034 | ||||||
| Occidental Petroleum Corp. | 13,786 | 894 | ||||||
| ROBLOX Corp., Class A (a) | 46,277 | 1,340 | ||||||
| Roivant Sciences Ltd. (a) | 70,282 | 821 | ||||||
| Royalty Pharma PLC, Class A | 37,760 | 1,025 | ||||||
| Toast, Inc., Class A (a) | 103,941 | 1,947 | ||||||
| ZoomInfo Technologies, Inc., Class A (a) | 57,238 | 939 | ||||||
| 31,469 | ||||||||
| Total Common Stocks (Cost $52,774) | 45,687 | |||||||
| Short-Term Investments (4.3%) | ||||||||
| Investment Company (0.5%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (c) (Cost $224) | 224,336 | 224 | ||||||
| Securities held as Collateral on Loaned Securities (3.8%) | ||||||||
| Investment Company (3.1%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (c) | 1,430,291 | 1,430 | ||||||
| Face Amount (000) | ||||||||
| Repurchase Agreements (0.7%) | ||||||||
| Citigroup, Inc., (5.25%, dated 9/29/23, due 10/2/23; proceeds $99; fully collateralized by U.S. Government obligations; 0.13% - 2.88% due 10/31/23 - 5/15/52; valued at $101) | $ | 99 | 99 | |||||
| Merrill Lynch & Co., Inc., (5.29%, dated 9/29/23, due 10/2/23; proceeds $217; fully collateralized by a U.S. Government obligation; 2.75% due 5/31/29; valued at $221) | 217 | 217 | ||||||
| 316 | ||||||||
| Total Securities held as Collateral on Loaned Securities (Cost $1,746) | 1,746 | |||||||
| Total Short-Term Investments (Cost $1,970) | 1,970 | |||||||
| Total Investments (104.0%) (Cost $54,744) Including $2,326 of Securities Loaned (d)(e)(f) | 47,657 | |||||||
| Liabilities in Excess of Other Assets (–4.0%) | (1,853 | ) | ||||||
| Net Assets (100.0%) | $ | 45,804 | ||||||
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund’s prospectus and/or statement of additional information relating to geographic classifications.
| (a) | Non-income producing security. |
| (b) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2023, were approximately $2,326,000 and $2,426,000 respectively. The Fund received cash collateral of approximately $1,746,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Portfolio of Investments. The remaining collateral of approximately $680,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand. |
| (c) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2023, advisory fees paid were reduced by approximately $2,000 relating to the Fund's investment in the Liquidity Funds. |
| (d) | The approximate fair value and percentage of net assets, $10,363,000 and 22.6%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
| (e) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions. |
| (f) | At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $3,467,000 and the aggregate gross unrealized depreciation is approximately $10,554,000, resulting in net unrealized depreciation of approximately $7,087,000. |
| REIT | Real Estate Investment Trust. |
Portfolio Composition*
| Classification | Percentage of Total Investments | |||
| Other** | 49.1 | % | ||
| Household Durables | 13.5 | |||
| Software | 12.7 | |||
| Specialty Retail | 11.7 | |||
| Broadline Retail | 6.5 | |||
| Financial Services | 6.5 | |||
| Total Investments | 100.0 | % | ||
| * | Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2023. |
| ** | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Portfolio of Investments
Global Focus Real Estate Portfolio
| Shares | Value (000) | |||||||
| Common Stocks (97.2%) | ||||||||
| Australia (3.9%) | ||||||||
| Goodman Group REIT | 4,455 | $ | 61 | |||||
| National Storage REIT | 33,916 | 47 | ||||||
| Stockland REIT | 14,590 | 37 | ||||||
| 145 | ||||||||
| Belgium (0.6%) | ||||||||
| Aedifica SA REIT | 419 | 24 | ||||||
| Canada (2.9%) | ||||||||
| Boardwalk REIT | 1,173 | 58 | ||||||
| Chartwell Retirement Residences (Units) (a) | 6,634 | 50 | ||||||
| 108 | ||||||||
| France (1.8%) | ||||||||
| Carmila SA REIT (b) | 1,884 | 28 | ||||||
| Gecina SA REIT | 368 | 38 | ||||||
| 66 | ||||||||
| Germany (1.9%) | ||||||||
| LEG Immobilien SE (b) | 624 | 43 | ||||||
| Vonovia SE | 1,101 | 26 | ||||||
| 69 | ||||||||
| Hong Kong (2.8%) | ||||||||
| Link REIT | 12,180 | 60 | ||||||
| Wharf Real Estate Investment Co. Ltd. | 11,500 | 44 | ||||||
| 104 | ||||||||
| Japan (10.2%) | ||||||||
| Invincible Investment Corp. REIT | 188 | 78 | ||||||
| Japan Metropolitan Fund Invest REIT | 42 | 27 | ||||||
| Mitsubishi Estate Co. Ltd. | 5,100 | 67 | ||||||
| Mitsui Fudosan Co. Ltd. | 6,400 | 141 | ||||||
| Mitsui Fudosan Logistics Park, Inc. REIT | 10 | 31 | ||||||
| Nomura Real Estate Master Fund, Inc. REIT | 33 | 37 | ||||||
| 381 | ||||||||
| Netherlands (0.7%) | ||||||||
| CTP NV | 1,947 | 28 | ||||||
| Singapore (1.1%) | ||||||||
| Frasers Logistics & Commercial Trust REIT | 53,000 | 41 | ||||||
| Spain (1.2%) | ||||||||
| Merlin Properties Socimi SA REIT | 5,373 | 45 | ||||||
| Sweden (1.2%) | ||||||||
| Castellum AB | 2,568 | 26 | ||||||
| Pandox AB | 1,660 | 18 | ||||||
| 44 | ||||||||
| United Kingdom (2.9%) | ||||||||
| Segro PLC REIT | 7,019 | 61 | ||||||
| UNITE Group PLC REIT | 4,324 | 47 | ||||||
| 108 | ||||||||
| United States (66.0%) | ||||||||
| Agree Realty Corp. REIT | 1,177 | 65 | ||||||
| American Homes 4 Rent, Class A REIT | 4,439 | 150 | ||||||
| American Tower Corp. REIT | 1,244 | 205 | ||||||
| Americold Realty Trust, Inc. REIT | 1,696 | 52 | ||||||
| AvalonBay Communities, Inc. REIT | 640 | 110 | ||||||
| Brixmor Property Group, Inc. REIT | 3,043 | 63 | ||||||
| CareTrust REIT, Inc. | 1,785 | 37 | ||||||
| Digital Realty Trust, Inc. REIT | 1,376 | 166 | ||||||
| Equinix, Inc. REIT | 306 | 222 | ||||||
| Essex Property Trust, Inc. REIT | 686 | 145 | ||||||
| Hilton Worldwide Holdings, Inc. | 260 | 39 | ||||||
| Iron Mountain, Inc. REIT | 1,043 | 62 | ||||||
| Kite Realty Group Trust REIT | 3,030 | 65 | ||||||
| Prologis, Inc. REIT | 2,772 | 311 | ||||||
| Public Storage REIT | 575 | 151 | ||||||
| Rayonier, Inc. REIT | 1,844 | 52 | ||||||
| Realty Income Corp. REIT | 1,301 | 65 | ||||||
| Simon Property Group, Inc. REIT | 1,199 | 130 | ||||||
| VICI Properties, Inc. REIT | 4,029 | 117 | ||||||
| Welltower, Inc. REIT | 3,004 | 246 | ||||||
| 2,453 | ||||||||
| Total Common Stocks (Cost $3,893) | 3,616 | |||||||
| Short-Term Investment (0.6%) | ||||||||
| Investment Company (0.6%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds — Treasury Portfolio — Institutional Class (c) (Cost $20) | 19,729 | 20 | ||||||
| Total Investments (97.8%) (Cost $3,913) (d)(e)(f) | 3,636 | |||||||
| Other Assets in Excess of Liabilities (2.2%) | 83 | |||||||
| Net Assets (100.0%) | $ | 3,719 | ||||||
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund’s prospectus and/or statement of additional information relating to geographic classifications.
| (a) | Consists of one or more classes of securities traded together as a unit; stocks with attached warrants. |
| (b) | Non-income producing security. |
| (c) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2023, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Funds. |
| (d) | The approximate fair value and percentage of net assets, $1,055,000 and 28.4%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
| (e) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions. |
| (f) | At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $67,000 and the aggregate gross unrealized depreciation is approximately $344,000, resulting in net unrealized depreciation of approximately $277,000. |
| REIT | Real Estate Investment Trust. |
| Portfolio Composition | ||||
| Classification | Percentage of Total Investments | |||
| Residential | 15.9 | % | ||
| Industrial | 15.0 | |||
| Other* | 13.5 | |||
| Diversified | 12.6 | |||
| Retail | 11.4 | |||
| Data Centers | 10.7 | |||
| Health Care | 9.8 | |||
| Infrastructure REITs | 5.6 | |||
| Self Storage | 5.5 | |||
| Total Investments | 100.0 | % | ||
| * | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Portfolio of Investments
Global Franchise Portfolio
| Shares | Value (000) | |||||||
| Common Stocks (98.3%) | ||||||||
| France (6.2%) | ||||||||
| L'Oreal SA | 128,351 | $ | 53,190 | |||||
| LVMH Moet Hennessy Louis Vuitton SE | 70,004 | 52,841 | ||||||
| Pernod Ricard SA | 382,426 | 63,670 | ||||||
| 169,701 | ||||||||
| Germany (5.6%) | ||||||||
| SAP SE | 1,183,059 | 153,138 | ||||||
| Italy (0.4%) | ||||||||
| Davide Campari-Milano NV | 841,094 | 9,902 | ||||||
| Netherlands (2.8%) | ||||||||
| Heineken NV | 792,595 | 69,876 | ||||||
| Universal Music Group NV | 337,014 | 8,795 | ||||||
| 78,671 | ||||||||
| United Kingdom (10.3%) | ||||||||
| Experian PLC | 1,161,557 | 37,992 | ||||||
| Reckitt Benckiser Group PLC | 2,167,781 | 152,873 | ||||||
| RELX PLC (Euronext NV) | 570,576 | 19,288 | ||||||
| RELX PLC (LSE) | 2,190,156 | 73,896 | ||||||
| 284,049 | ||||||||
| United States (73.0%) | ||||||||
| Abbott Laboratories | 926,321 | 89,714 | ||||||
| Accenture PLC, Class A | 532,314 | 163,479 | ||||||
| Aon PLC, Class A | 228,458 | 74,071 | ||||||
| Arthur J Gallagher & Co. | 247,145 | 56,332 | ||||||
| Automatic Data Processing, Inc. | 303,972 | 73,130 | ||||||
| Becton Dickinson & Co. | 423,338 | 109,446 | ||||||
| Broadridge Financial Solutions, Inc. | 207,434 | 37,141 | ||||||
| CDW Corp. | 273,039 | 55,088 | ||||||
| Coca-Cola Co. | 1,013,197 | 56,719 | ||||||
| Danaher Corp. | 526,813 | 130,702 | ||||||
| Equifax, Inc. | 258,250 | 47,306 | ||||||
| FactSet Research Systems, Inc. | 37,688 | 16,479 | ||||||
| Intercontinental Exchange, Inc. | 1,003,054 | 110,356 | ||||||
| Jack Henry & Associates, Inc. | 91,491 | 13,828 | ||||||
| Microsoft Corp. | 641,425 | 202,530 | ||||||
| Moody's Corp. | 115,955 | 36,661 | ||||||
| NIKE, Inc., Class B | 223,634 | 21,384 | ||||||
| Otis Worldwide Corp. | 573,985 | 46,097 | ||||||
| Philip Morris International, Inc. | 1,948,739 | 180,414 | ||||||
| Procter & Gamble Co. | 508,783 | 74,211 | ||||||
| Roper Technologies, Inc. | 149,286 | 72,296 | ||||||
| Steris PLC | 182,166 | 39,971 | ||||||
| Thermo Fisher Scientific, Inc. | 251,442 | 127,272 | ||||||
| Visa, Inc., Class A | 659,102 | 151,600 | ||||||
| Zoetis, Inc. | 160,005 | 27,838 | ||||||
| 2,014,065 | ||||||||
| Total Common Stocks (Cost $1,954,396) | 2,709,526 | |||||||
| Short-Term Investment (1.5%) | ||||||||
| Investment Company (1.5%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (a) (Cost $41,518) | 41,517,879 | 41,518 | ||||||
| Total Investments (99.8%) (Cost $1,995,914) (b)(c)(d) | 2,751,044 | |||||||
| Other Assets in Excess of Liabilities (0.2%) | 6,425 | |||||||
| Net Assets (100.0%) | $ | 2,757,469 | ||||||
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund’s prospectus and/or statement of additional information relating to geographic classifications.
| (a) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2023, advisory fees paid were reduced by approximately $71,000 relating to the Fund's investment in the Liquidity Funds. |
| (b) | The approximate fair value and percentage of net assets, $695,461,000 and 25.2%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
| (c) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions. |
| (d) | At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $780,104,000 and the aggregate gross unrealized depreciation is approximately $24,974,000, resulting in net unrealized appreciation of approximately $755,130,000. |
| Euronext NV | Euronext Amsterdam Stock Market. |
| LSE | London Stock Exchange. |
| Portfolio Composition | ||||
| Classification | Percentage of Total Investments | |||
| Other* | 15.9 | % | ||
| Software | 15.6 | |||
| Professional Services | 10.5 | |||
| Life Sciences Tools & Services | 9.3 | |||
| Health Care Equipment & Supplies | 8.8 | |||
| Household Products | 8.2 | |||
| Beverages | 7.3 | |||
| Tobacco | 6.6 | |||
| Financial Services | 6.0 | |||
| Capital Markets | 5.9 | |||
| Information Technology Services | 5.9 | |||
| Total Investments | 100.0 | % | ||
| * | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Portfolio of Investments
Global Infrastructure Portfolio
| Shares | Value (000) | |||||||
| Common Stocks (94.8%) | ||||||||
| Australia (2.3%) | ||||||||
| Transurban Group (Units) (a) | 664,498 | $ | 5,400 | |||||
| Canada (16.7%) | ||||||||
| Enbridge, Inc. | 339,081 | 11,246 | ||||||
| Fortis, Inc. (b) | 29,734 | 1,129 | ||||||
| GFL Environmental, Inc. | 418,200 | 13,282 | ||||||
| Keyera Corp. (b) | 61,066 | 1,434 | ||||||
| Pembina Pipeline Corp. | 218,223 | 6,562 | ||||||
| TC Energy Corp. (b) | 153,940 | 5,294 | ||||||
| 38,947 | ||||||||
| China (4.5%) | ||||||||
| China Gas Holdings Ltd. (c) | 11,185,600 | 10,544 | ||||||
| France (5.5%) | ||||||||
| Aeroports de Paris | 4,010 | 473 | ||||||
| Getlink SE | 69,685 | 1,111 | ||||||
| Vinci SA | 100,932 | 11,166 | ||||||
| 12,750 | ||||||||
| Italy (3.4%) | ||||||||
| Infrastrutture Wireless Italiane SpA | 445,697 | 5,296 | ||||||
| Snam SpA | 49,061 | 230 | ||||||
| Terna - Rete Elettrica Nazionale | 327,589 | 2,464 | ||||||
| 7,990 | ||||||||
| Mexico (1.2%) | ||||||||
| Grupo Aeroportuario del Pacifico SAB de CV, Class B | 129,956 | 2,134 | ||||||
| Grupo Aeroportuario del Sureste SAB de CV, Class B | 28,897 | 707 | ||||||
| 2,841 | ||||||||
| New Zealand (0.6%) | ||||||||
| Auckland International Airport Ltd. | 269,381 | 1,277 | ||||||
| Portugal (0.2%) | ||||||||
| EDP Renovaveis SA | 32,619 | 534 | ||||||
| Spain (7.4%) | ||||||||
| Aena SME SA | 27,319 | 4,111 | ||||||
| Cellnex Telecom SA | 157,180 | 5,467 | ||||||
| Ferrovial SE | 152,806 | 4,669 | ||||||
| Iberdrola SA | 261,500 | 2,925 | ||||||
| 17,172 | ||||||||
| Switzerland (0.8%) | ||||||||
| Flughafen Zurich AG (Registered) | 9,892 | 1,883 | ||||||
| United Kingdom (5.7%) | ||||||||
| National Grid PLC | 819,915 | 9,806 | ||||||
| Pennon Group PLC | 130,428 | 931 | ||||||
| Severn Trent PLC | 85,614 | 2,468 | ||||||
| 13,205 | ||||||||
| United States (46.5%) | ||||||||
| Ameren Corp. | 26,672 | 1,996 | ||||||
| American Electric Power Co., Inc. | 73,348 | 5,517 | ||||||
| American Tower Corp. REIT | 87,679 | 14,419 | ||||||
| American Water Works Co., Inc. | 42,352 | 5,244 | ||||||
| Atmos Energy Corp. | 40,748 | 4,316 | ||||||
| CenterPoint Energy, Inc. | 208,788 | 5,606 | ||||||
| Cheniere Energy, Inc. | 50,009 | 8,300 | ||||||
| Crown Castle, Inc. REIT | 39,580 | 3,643 | ||||||
| Edison International | 74,743 | 4,730 | ||||||
| Eversource Energy | 62,868 | 3,656 | ||||||
| Exelon Corp. | 203,565 | 7,693 | ||||||
| Kinder Morgan, Inc. | 76,737 | 1,272 | ||||||
| NiSource, Inc. | 159,321 | 3,932 | ||||||
| ONEOK, Inc. | 79,047 | 5,014 | ||||||
| PG&E Corp. (d) | 291,867 | 4,708 | ||||||
| SBA Communications Corp. REIT | 20,773 | 4,158 | ||||||
| Sempra Energy | 141,482 | 9,625 | ||||||
| Targa Resources Corp. | 83,397 | 7,149 | ||||||
| Williams Cos., Inc. | 212,635 | 7,144 | ||||||
| 108,122 | ||||||||
| Total Common Stocks (Cost $218,712) | 220,665 | |||||||
| Short-Term Investments (8.8%) | ||||||||
| Investment Company (7.2%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds — Treasury Portfolio — Institutional Class (e) (Cost $16,765) | 16,764,984 | 16,765 | ||||||
| Securities held as Collateral on Loaned Securities (1.6%) | ||||||||
| Investment Company (1.3%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (e) | 3,011,062 | 3,011 | ||||||
| Face Amount (000) | ||||||||
| Repurchase Agreements (0.3%) | ||||||||
| Citigroup, Inc., (5.25%, dated 9/29/23, due 10/2/23; proceeds $208; fully collateralized by U.S. Government obligations; 0.13% - 2.88% due 10/31/23 - 5/15/52; valued at $212) | $ | 208 | 208 | |||||
| Merrill Lynch & Co., Inc., (5.29%, dated 9/29/23, due 10/2/23; proceeds $456; fully collateralized by a U.S. Government obligation; 2.75% due 5/31/29; valued at $465) | 456 | 456 | ||||||
| Total Securities held as Collateral on Loaned Securities (Cost $3,675) | 3,675 | |||||||
| Total Short-Term Investments (Cost $20,440) | 20,440 | |||||||
| Total Investments (103.6%) (Cost $239,152) Including $5,412 of Securities Loaned (f)(g)(h) | 241,105 | |||||||
| Liabilities in Excess of Other Assets (–3.6%) | (8,434 | ) | ||||||
| Net Assets (100.0%) | $ | 232,671 | ||||||
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report − September 30, 2023 (unaudited)
Portfolio of Investments (cont'd)
Global Infrastructure Portfolio
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund’s prospectus and/or statement of additional information relating to geographic classifications.
| (a) | Consists of one or more classes of securities traded together as a unit; stocks with attached warrants. |
| (b) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2023, were approximately $5,412,000 and $5,702,000 respectively. The Fund received cash collateral of approximately $3,675,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Portfolio of Investments. The remaining collateral of approximately $2,027,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand. |
| (c) | Security trades on the Hong Kong exchange. |
| (d) | Non-income producing security. |
| (e) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2023, advisory fees paid were reduced by approximately $7,000 relating to the Fund's investment in the Liquidity Funds. |
| (f) | The approximate fair value and percentage of net assets, $70,755,000 and 30.4%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
| (g) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions. |
| (h) | At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $22,826,000 and the aggregate gross unrealized depreciation is approximately $20,873,000, resulting in net unrealized appreciation of approximately $1,953,000. |
| REIT | Real Estate Investment Trust. |
| Portfolio Composition* | ||||
| Classification | Percentage of Total Investments | |||
| Oil & Gas Storage & Transportation | 34.6 | % | ||
| Electricity Transmission & Distribution | 14.4 | |||
| Communications | 13.9 | |||
| Diversified | 13.4 | |||
| Other** | 10.8 | |||
| Short-Term Investments | 7.1 | |||
| Others | 5.8 | |||
| Total Investments | 100.0 | % | ||
| * | Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2023. |
| ** | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report — September 30, 2023 (unaudited)
Consolidated Portfolio of Investments
Global Insight Portfolio
| Shares | Value (000) | |||||||
| Common Stocks (98.3%) | ||||||||
| Brazil (0.5%) | ||||||||
| NU Holdings Ltd., Class A (a) | 55,614 | $ | 403 | |||||
| Canada (6.8%) | ||||||||
| Shopify, Inc., Class A (a) | 94,605 | 5,163 | ||||||
| Israel (7.0%) | ||||||||
| Global-e Online Ltd. (a) | 133,958 | 5,323 | ||||||
| Korea, Republic of (3.4%) | ||||||||
| Coupang, Inc. (a) | 151,492 | 2,575 | ||||||
| Netherlands (5.1%) | ||||||||
| Adyen NV (a) | 5,182 | 3,842 | ||||||
| Singapore (6.1%) | ||||||||
| Grab Holdings Ltd., Class A (a) | 1,229,910 | 4,354 | ||||||
| Sea Ltd. ADR (a) | 6,455 | 284 | ||||||
| 4,638 | ||||||||
| United States (69.4%) | ||||||||
| Affirm Holdings, Inc. (a) | 113,078 | 2,405 | ||||||
| Agilon health, Inc. (a) | 164,002 | 2,913 | ||||||
| Airbnb, Inc., Class A (a) | 21,895 | 3,004 | ||||||
| Arbutus Biopharma Corp. (a) | 134,797 | 274 | ||||||
| Aurora Innovation, Inc. (a) | 431,128 | 1,013 | ||||||
| Bill Holdings, Inc. (a) | 26,415 | 2,868 | ||||||
| Carvana Co. (a) | 54,754 | 2,299 | ||||||
| Cloudflare, Inc., Class A (a) | 89,028 | 5,612 | ||||||
| Dlocal Ltd. (a) | 9,596 | 184 | ||||||
| DoorDash, Inc., Class A (a) | 39,444 | 3,135 | ||||||
| Ginkgo Bioworks Holdings, Inc. (a) | 159,579 | 289 | ||||||
| MercadoLibre, Inc. (a) | 3,949 | 5,007 | ||||||
| MicroStrategy, Inc., Class A (a) | 1,344 | 441 | ||||||
| Peloton Interactive, Inc., Class A (a) | 81,032 | 409 | ||||||
| ProKidney Corp. (a) | 46,143 | 211 | ||||||
| ROBLOX Corp., Class A (a) | 81,856 | 2,370 | ||||||
| Roivant Sciences Ltd. (a) | 91,957 | 1,074 | ||||||
| Royalty Pharma PLC, Class A | 139,009 | 3,773 | ||||||
| Snowflake, Inc., Class A (a) | 23,759 | 3,630 | ||||||
| Spotify Technology SA (a) | 1,291 | 200 | ||||||
| Tesla, Inc. (a) | 14,988 | 3,750 | ||||||
| Trade Desk, Inc., Class A (a) | 51,095 | 3,993 | ||||||
| Uber Technologies, Inc. (a) | 85,414 | 3,928 | ||||||
| 52,782 | ||||||||
| Total Common Stocks (Cost $73,371) | 74,726 | |||||||
| Preferred Stock (0.0%)‡ | ||||||||
| United States (0.0%)‡ | ||||||||
| Lookout, Inc., Series F (a)(b)(c) (acquisition cost — $73; acquired 6/17/14) | 6,374 | 21 | ||||||
| Investment Company (1.5%) | ||||||||
| United States (1.5%) | ||||||||
| Grayscale Bitcoin Trust (a) (Cost $1,596) | 61,438 | 1,179 | ||||||
| Short-Term Investment (0.9%) | ||||||||
| Investment Company (0.9%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (d) (Cost $675) | 675,010 | 675 | ||||||
| Total Investments Excluding Purchased Options (100.7%) (Cost $75,715) | 76,601 | |||||||
| Total Purchased Options Outstanding (0.4%) (Cost $259) | 271 | |||||||
| Total Investments (101.1%) (Cost $75,974) (e)(f)(g)(h) | 76,872 | |||||||
| Liabilities in Excess of Other Assets (–1.1%) | (827 | ) | ||||||
| Net Assets (100.0%) | $ | 76,045 | ||||||
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund’s prospectus and/or statement of additional information relating to geographic classifications.
| ‡ | Amount is less than 0.05%. |
| (a) | Non-income producing security. |
| (b) | Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities (excluding 144A holdings) at September 30, 2023 amounts to approximately $21,000 and represents less than 0.05% of net assets. |
| (c) | At September 30, 2023, the Fund held a fair valued security at approximately $21,000, representing less than 0.05% of net assets. This security has been fair valued as determined in good faith under procedures established by and under the general supervision of the Company's (as defined herein) Directors. |
| (d) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2023, advisory fees paid were reduced by approximately $2,000 relating to the Fund's investment in the Liquidity Funds. |
| (e) | The approximate fair value and percentage of net assets, $3,842,000 and 5.1%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
| (f) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions. |
| (g) | Securities are available for collateral in connection with purchased options. |
| (h) | At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $15,381,000 and the aggregate gross unrealized depreciation is approximately $14,483,000, resulting in net unrealized appreciation of approximately $898,000. |
| ADR | American Depositary Receipt. |
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report — September 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Insight Portfolio
Call Options Purchased:
The Fund had the following call options purchased open at September 30, 2023:
| Counterparty | Description | Strike Price | Expiration Date | Number of Contracts | Notional Amount (000) | Value (000) | Premiums Paid (000) | Unrealized Appreciation (Depreciation) (000) | |||||||||||||||||||
| JPMorgan Chase Bank NA | USD/CNH | CNH | 7.43 | Jan–24 | 17,249,664 | $ | 17,250 | $ | 79 | $ | 81 | $ | (2 | ) | |||||||||||||
| Standard Chartered Bank | USD/CNH | CNH | 7.57 | May–24 | 21,463,987 | 21,464 | 111 | 91 | 20 | ||||||||||||||||||
| JPMorgan Chase Bank NA | USD/CNH | CNH | 7.79 | Aug–24 | 20,862,233 | 20,862 | 81 | 86 | (5 | ) | |||||||||||||||||
| Goldman Sachs International | USD/CNH | CNH | 7.87 | Oct–23 | 199,460 | 199 | — | @ | 1 | (1 | ) | ||||||||||||||||
| $ | 271 | $ | 259 | $ | 12 | ||||||||||||||||||||||
| @ | Value is less than $500. | |
| CNH | — | Chinese Yuan Renminbi Offshore |
| USD | — | United States Dollar |
Portfolio Composition
| Classification | Percentage of Total Investments | |||
| Other* | 26.7 | % | ||
| Information Technology Services | 18.7 | |||
| Broadline Retail | 16.8 | |||
| Ground Transportation | 10.7 | |||
| Financial Services | 8.3 | |||
| Hotels, Restaurants & Leisure | 8.0 | |||
| Software | 5.6 | |||
| Media | 5.2 | |||
| Total Investments | 100.0 | % | ||
| * | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Consolidated Portfolio of Investments
Global Opportunity Portfolio
| Shares | Value (000) | |||||||
| Common Stocks (98.7%) | ||||||||
| Argentina (0.7%) | ||||||||
| Globant SA (a) | 90,130 | $ | 17,832 | |||||
| Brazil (0.9%) | ||||||||
| NU Holdings Ltd., Class A (a) | 3,141,942 | 22,779 | ||||||
| Canada (4.3%) | ||||||||
| Shopify, Inc., Class A (a) | 1,969,679 | 107,485 | ||||||
| China (4.3%) | ||||||||
| Meituan, Class B (a)(b) | 4,373,100 | 63,306 | ||||||
| Trip.com Group Ltd. ADR (a) | 1,319,106 | 46,129 | ||||||
| 109,435 | ||||||||
| Denmark (5.9%) | ||||||||
| DSV AS | 799,155 | 148,915 | ||||||
| France (3.1%) | ||||||||
| Hermes International | 42,239 | 76,994 | ||||||
| India (8.8%) | ||||||||
| HDFC Bank Ltd. | 7,942,589 | 145,667 | ||||||
| ICICI Bank Ltd. ADR | 3,306,280 | 76,441 | ||||||
| 222,108 | ||||||||
| Italy (3.6%) | ||||||||
| Moncler SpA | 1,589,179 | 92,101 | ||||||
| Japan (1.3%) | ||||||||
| Keyence Corp. | 91,500 | 33,839 | ||||||
| Korea, Republic of (4.9%) | ||||||||
| Coupang, Inc. (a) | 5,375,159 | 91,378 | ||||||
| KakaoBank Corp. | 611,700 | 10,586 | ||||||
| NAVER Corp. | 144,543 | 21,611 | ||||||
| 123,575 | ||||||||
| Netherlands (0.5%) | ||||||||
| Adyen NV (a) | 17,701 | 13,124 | ||||||
| Singapore (1.6%) | ||||||||
| Grab Holdings Ltd., Class A (a) | 11,710,890 | 41,457 | ||||||
| United States (58.8%) | ||||||||
| Adobe, Inc. (a) | 215,018 | 109,638 | ||||||
| Amazon.com, Inc. (a) | 830,360 | 105,555 | ||||||
| Block, Inc., Class A (a) | 832,793 | 36,859 | ||||||
| Crowdstrike Holdings, Inc., Class A (a) | 286,104 | 47,888 | ||||||
| Deckers Outdoor Corp. (a) | 39,919 | 20,522 | ||||||
| DoorDash, Inc., Class A (a) | 834,587 | 66,325 | ||||||
| Endeavor Group Holdings, Inc., Class A | 1,069,175 | 21,277 | ||||||
| Magic Leap, Inc., Class A (a)(c)(d) (acquisition cost — $3,175; acquired 12/22/15) | 6,530 | — | ||||||
| Mastercard, Inc., Class A | 157,765 | 62,461 | ||||||
| MercadoLibre, Inc. (a) | 111,978 | 141,975 | ||||||
| Meta Platforms, Inc., Class A (a) | 406,499 | 122,035 | ||||||
| Salesforce, Inc. (a) | 258,599 | 52,439 | ||||||
| ServiceNow, Inc. (a) | 347,726 | 194,365 | ||||||
| Snowflake, Inc., Class A (a) | 96,705 | 14,774 | ||||||
| Spotify Technology SA (a) | 530,103 | 81,975 | ||||||
| TKO Group Holdings, Inc. | 264,738 | 22,254 | ||||||
| Uber Technologies, Inc. (a) | 5,359,586 | 246,487 | ||||||
| Visa, Inc., Class A | 315,980 | 72,678 | ||||||
| Walt Disney Co. (a) | 880,710 | 71,381 | ||||||
| 1,490,888 | ||||||||
| Total Common Stocks (Cost $1,653,376) | 2,500,532 | |||||||
| Short-Term Investment (1.3%) | ||||||||
| Investment Company (1.3%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (e) (Cost $33,588) | 33,588,233 | 33,588 | ||||||
| Total Investments (100.0%) (Cost $1,686,964) (f)(g)(h) | 2,534,120 | |||||||
| Other Assets in Excess of Liabilities (0.0%) ‡ | 1,113 | |||||||
| Net Assets (100.0%) | $ | 2,535,233 | ||||||
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Opportunity Portfolio
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund’s prospectus and/or statement of additional information relating to geographic classifications.
| ‡ | Amount is less than 0.05%. |
| (a) | Non-income producing security. |
| (b) | Security trades on the Hong Kong exchange. |
| (c) | Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities and derivative contracts (excluding 144A holdings) at September 30, 2023 amounts to $0 and represents 0.0% of net assets. |
| (d) | At September 30, 2023, the Fund held a fair valued security at $0, representing 0.0% of net assets. This security has been fair valued as determined in good faith under procedures established by and under the general supervision of the Company's (as defined herein) Directors. |
| (e) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2023, advisory fees paid were reduced by approximately $55,000 relating to the Fund's investment in the Liquidity Funds. |
| (f) | The approximate fair value and percentage of net assets, $606,143,000 and 23.9%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
| (g) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions. |
| (h) | At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,050,538,000 and the aggregate gross unrealized depreciation is approximately $203,382,000, resulting in net unrealized appreciation of approximately $847,156,000. |
| ADR | American Depositary Receipt. |
Portfolio Composition
| Classification | Percentage of Total Investments | |||
| Software | 16.0 | % | ||
| Broadline Retail | 13.4 | |||
| Ground Transportation | 11.3 | |||
| Banks | 10.1 | |||
| Entertainment | 7.7 | |||
| Textiles, Apparel & Luxury Goods | 7.5 | |||
| Financial Services | 7.3 | |||
| Hotels, Restaurants & Leisure | 6.9 | |||
| Air Freight & Logistics | 5.9 | |||
| Interactive Media & Services | 5.7 | |||
| Information Technology Services | 5.6 | |||
| Other* | 2.6 | |||
| Total Investments | 100.0 | % | ||
| * | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Consolidated Portfolio of Investments
Global Permanence Portfolio
| Shares | Value (000) | |||||||
| Common Stocks (97.2%) | ||||||||
| Brazil (0.1%) | ||||||||
| Vale SA | 767 | $ | 10 | |||||
| Canada (12.9%) | ||||||||
| Canadian National Railway Co. | 4,144 | 449 | ||||||
| Constellation Software, Inc. | 174 | 359 | ||||||
| FirstService Corp. | 65 | 9 | ||||||
| Lumine Group, Inc. (a) | 444 | 7 | ||||||
| Topicus.com, Inc. (a) | 4,511 | 298 | ||||||
| 1,122 | ||||||||
| France (14.0%) | ||||||||
| Airbus SE | 1,624 | 218 | ||||||
| Christian Dior SE | 423 | 311 | ||||||
| EssilorLuxottica SA | 507 | 88 | ||||||
| Eurofins Scientific SE | 7,668 | 432 | ||||||
| Hermes International | 5 | 9 | ||||||
| L'Oreal SA | 21 | 9 | ||||||
| Remy Cointreau SA | 59 | 7 | ||||||
| Safran SA | 927 | 145 | ||||||
| 1,219 | ||||||||
| India (1.5%) | ||||||||
| HDFC Bank Ltd. ADR | 2,137 | 126 | ||||||
| Italy (0.6%) | ||||||||
| Brunello Cucinelli SpA | 600 | 45 | ||||||
| Ferrari NV | 30 | 9 | ||||||
| 54 | ||||||||
| Netherlands (1.1%) | ||||||||
| ASML Holding NV (Registered) | 151 | 89 | ||||||
| Universal Music Group NV | 376 | 10 | ||||||
| 99 | ||||||||
| United Kingdom (14.3%) | ||||||||
| Babcock International Group PLC (a) | 73,946 | 372 | ||||||
| Rentokil Initial PLC | 62,387 | 463 | ||||||
| Victoria PLC (a) | 65,575 | 416 | ||||||
| 1,251 | ||||||||
| United States (52.7%) | ||||||||
| Alphabet, Inc., Class C (a) | 1,959 | 258 | ||||||
| Amazon.com, Inc. (a) | 4,397 | 559 | ||||||
| American Tower Corp. REIT | 805 | 132 | ||||||
| Brown & Brown, Inc. | 3,555 | 248 | ||||||
| Cloudflare, Inc., Class A (a) | 12,354 | 779 | ||||||
| Danaher Corp. | 981 | 244 | ||||||
| Dollar General Corp. | 1,772 | 188 | ||||||
| Floor & Decor Holdings, Inc., Class A (a) | 3,384 | 306 | ||||||
| Gartner, Inc. (a) | 388 | 133 | ||||||
| Illumina, Inc. (a) | 658 | 90 | ||||||
| Intercontinental Exchange, Inc. | 4,252 | 468 | ||||||
| Linde PLC | 25 | 9 | ||||||
| MSCI, Inc. | 18 | 9 | ||||||
| Procore Technologies, Inc. (a) | 2,353 | 154 | ||||||
| Royal Gold, Inc. | 1,318 | 140 | ||||||
| Royalty Pharma PLC, Class A | 21,669 | 588 | ||||||
| S&P Global, Inc. | 359 | 131 | ||||||
| Texas Pacific Land Corp. | 88 | 161 | ||||||
| Waste Connections, Inc. | 70 | 10 | ||||||
| 4,607 | ||||||||
| Total Common Stocks (Cost $8,298) | 8,488 | |||||||
| Investment Company (1.1%) | ||||||||
| United States (1.1%) | ||||||||
| Grayscale Bitcoin Trust (a) (Cost $78) | 5,218 | 100 | ||||||
| No. of Warrants | ||||||||
| Warrant (0.0%)‡ | ||||||||
| Canada (0.0%)‡ | ||||||||
| Constellation Software, Inc. expires 3/31/40 (a) (Cost $—) | 186 | 1 | ||||||
| Shares | ||||||||
| Short-Term Investment (1.7%) | ||||||||
| Investment Company (1.7%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (b) (Cost $145) | 144,829 | 145 | ||||||
| Total Investments Excluding Purchased Options (100.0%) (Cost $8,521) | 8,734 | |||||||
| Total Purchased Options Outstanding (0.3%) (Cost $26) | 27 | |||||||
| Total Investments (100.3%) (Cost $8,547) (c)(d)(e)(f) | 8,761 | |||||||
| Liabilities in Excess of Other Assets (–0.3%) | (24 | ) | ||||||
| Net Assets (100.0%) | $ | 8,737 | ||||||
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund’s prospectus and/or statement of additional information relating to geographic classifications.
| ‡ | Amount is less than 0.05%. |
| (a) | Non-income producing security. |
| (b) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2023, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Funds. |
| (c) | The approximate fair value and percentage of net assets, $2,525,000 and 28.9%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
| (d) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions. |
| (e) | Securities are available for collateral in connection with purchased options. |
| (f) | At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $751,000 and the aggregate gross unrealized depreciation is approximately $537,000, resulting in net unrealized appreciation of approximately $214,000. |
| ADR | American Depositary Receipt. |
| REIT | Real Estate Investment Trust. |
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report − September 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Permanence Portfolio
Call Options Purchased:
The Fund had the following call options purchased open at September 30, 2023:
| Counterparty | Description | Strike Price | Expiration Date | Number of Contracts | Notional Amount (000) | Value (000) | Premiums Paid (000) | Unrealized Appreciation (Depreciation) (000) | ||||||||||||||||
| JPMorgan Chase Bank NA | USD/CNH | CNH | 7.43 | Jan–24 | 1,007,380 | $ | 1,007 | $ | 5 | $ | 5 | $ | (— | @) | ||||||||||
| Standard Chartered Bank | USD/CNH | CNH | 7.57 | May–24 | 2,268,747 | 2,269 | 12 | 10 | 2 | |||||||||||||||
| JPMorgan Chase Bank NA | USD/CNH | CNH | 7.79 | Aug–24 | 2,624,781 | 2,625 | 10 | 11 | (1 | ) | ||||||||||||||
| Goldman Sachs International | USD/CNH | CNH | 7.87 | Oct–23 | 8,108 | 8 | — | @ | — | @ | (— | @) | ||||||||||||
| $ | 27 | $ | 26 | $ | 1 | |||||||||||||||||||
| @ | Value is less than $500. | |
| CNH | — | Chinese Yuan Renminbi Offshore |
| USD | — | United States Dollar |
| Portfolio Composition | ||||
| Classification | Percentage of Total Investments | |||
| Other* | 32.4 | % | ||
| Information Technology Services | 10.4 | |||
| Software | 9.4 | |||
| Life Sciences Tools & Services | 8.8 | |||
| Aerospace & Defense | 8.4 | |||
| Capital Markets | 7.0 | |||
| Pharmaceuticals | 6.7 | |||
| Broadline Retail | 6.4 | |||
| Commercial Services & Supplies | 5.4 | |||
| Ground Transportation | 5.1 | |||
| Total Investments | 100.0 | % | ||
| * | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Portfolio of Investments
Global Real Estate Portfolio
| Shares | Value (000) | |||||||
| Common Stocks (99.2%) | ||||||||
| Australia (3.7%) | ||||||||
| Goodman Group REIT | 27,623 | $ | 379 | |||||
| National Storage REIT | 215,584 | 300 | ||||||
| Region RE Ltd. REIT | 221,991 | 286 | ||||||
| Stockland REIT | 139,317 | 349 | ||||||
| 1,314 | ||||||||
| Belgium (1.7%) | ||||||||
| Aedifica SA REIT | 3,772 | 214 | ||||||
| Shurgard Self Storage Ltd. REIT | 4,104 | 163 | ||||||
| Warehouses De Pauw CVA REIT | 8,100 | 200 | ||||||
| 577 | ||||||||
| Canada (3.6%) | ||||||||
| Boardwalk REIT | 9,006 | 443 | ||||||
| Chartwell Retirement Residences (Units) (a) | 40,239 | 304 | ||||||
| Granite REIT | 3,313 | 176 | ||||||
| InterRent REIT | 38,379 | 353 | ||||||
| 1,276 | ||||||||
| France (1.0%) | ||||||||
| Carmila SA REIT (b) | 14,159 | 212 | ||||||
| Gecina SA REIT | 1,437 | 146 | ||||||
| 358 | ||||||||
| Germany (1.9%) | ||||||||
| LEG Immobilien SE (b) | 4,631 | 318 | ||||||
| Vonovia SE | 14,420 | 346 | ||||||
| 664 | ||||||||
| Hong Kong (3.8%) | ||||||||
| Link REIT | 116,460 | 569 | ||||||
| Sun Hung Kai Properties Ltd. | 39,867 | 425 | ||||||
| Wharf Real Estate Investment Co. Ltd. | 88,075 | 340 | ||||||
| 1,334 | ||||||||
| Japan (11.1%) | ||||||||
| Heiwa Real Estate, Inc. REIT | 160 | 157 | ||||||
| Hulic Co. Ltd. | 32,800 | 294 | ||||||
| Invincible Investment Corp. REIT | 1,206 | 498 | ||||||
| Japan Hotel REIT Investment Corp. | 525 | 274 | ||||||
| Japan Metropolitan Fund Invest REIT | 239 | 155 | ||||||
| Japan Real Estate Investment Corp. REIT | 78 | 304 | ||||||
| Mitsubishi Estate Co. Ltd. | 20,900 | 273 | ||||||
| Mitsui Fudosan Co. Ltd. | 45,000 | 991 | ||||||
| Mitsui Fudosan Logistics Park, Inc. REIT | 55 | 173 | ||||||
| Nippon Building Fund, Inc. REIT | 58 | 235 | ||||||
| Nippon Prologis REIT, Inc. REIT | 126 | 235 | ||||||
| Nomura Real Estate Master Fund, Inc. REIT | 258 | 289 | ||||||
| 3,878 | ||||||||
| Netherlands (0.4%) | ||||||||
| CTP NV | 10,085 | 144 | ||||||
| Singapore (2.9%) | ||||||||
| CapitaLand Integrated Commercial Trust REIT | 188,800 | 255 | ||||||
| Frasers Centrepoint Trust REIT | 160,000 | 256 | ||||||
| Frasers Logistics & Commercial Trust REIT | 359,300 | 281 | ||||||
| Mapletree Pan Asia Commercial Trust REIT | 211,000 | 220 | ||||||
| 1,012 | ||||||||
| Spain (0.8%) | ||||||||
| Merlin Properties Socimi SA REIT | 31,937 | 269 | ||||||
| Sweden (1.4%) | ||||||||
| Castellum AB | 28,545 | 289 | ||||||
| Pandox AB | 18,642 | 198 | ||||||
| 487 | ||||||||
| Switzerland (0.6%) | ||||||||
| PSP Swiss Property AG (Registered) | 1,838 | 217 | ||||||
| United Kingdom (3.8%) | ||||||||
| Impact Healthcare PLC REIT | 130,941 | 132 | ||||||
| LondonMetric Property PLC REIT | 98,791 | 206 | ||||||
| Segro PLC REIT | 61,929 | 542 | ||||||
| UNITE Group PLC REIT | 30,256 | 330 | ||||||
| Workspace Group PLC REIT | 23,363 | 139 | ||||||
| 1,349 | ||||||||
| United States (62.5%) | ||||||||
| Agree Realty Corp. REIT | 5,410 | 299 | ||||||
| Alexandria Real Estate Equities, Inc. REIT | 1,787 | 179 | ||||||
| American Homes 4 Rent, Class A REIT | 36,751 | 1,238 | ||||||
| Americold Realty Trust, Inc. REIT | 14,915 | 454 | ||||||
| AvalonBay Communities, Inc. REIT | 7,587 | 1,303 | ||||||
| Brixmor Property Group, Inc. REIT | 27,702 | 576 | ||||||
| CareTrust REIT, Inc. | 17,360 | 356 | ||||||
| Digital Realty Trust, Inc. REIT | 10,098 | 1,222 | ||||||
| Equinix, Inc. REIT | 2,826 | 2,052 | ||||||
| Essex Property Trust, Inc. REIT | 4,345 | 921 | ||||||
| Extra Space Storage, Inc. REIT | 2,924 | 355 | ||||||
| Hilton Worldwide Holdings, Inc. | 1,255 | 188 | ||||||
| Host Hotels & Resorts, Inc. REIT | 25,502 | 410 | ||||||
| Iron Mountain, Inc. REIT | 3,312 | 197 | ||||||
| Kite Realty Group Trust REIT | 26,651 | 571 | ||||||
| Mid-America Apartment Communities, Inc. REIT | 4,734 | 609 | ||||||
| NETSTREIT Corp. REIT | 10,924 | 170 | ||||||
| Prologis, Inc. REIT | 27,463 | 3,082 | ||||||
| Public Storage REIT | 4,844 | 1,276 | ||||||
| Realty Income Corp. REIT | 17,652 | 882 | ||||||
| Rexford Industrial Realty, Inc. REIT | 7,032 | 347 | ||||||
| Simon Property Group, Inc. REIT | 9,703 | 1,048 | ||||||
| Sun Communities, Inc. REIT | 4,393 | 520 | ||||||
| Urban Edge Properties REIT | 11,621 | 177 | ||||||
| Ventas, Inc. REIT | 7,015 | 296 | ||||||
| VICI Properties, Inc. REIT | 32,709 | 952 | ||||||
| Welltower, Inc. REIT | 27,563 | 2,258 | ||||||
| 21,938 | ||||||||
| Total Common Stocks (Cost $32,556) | 34,817 | |||||||
| Short-Term Investment (0.7%) | ||||||||
| Investment Company (0.7%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds — Treasury Portfolio — Institutional Class (c) (Cost $261) | 260,787 | 261 | ||||||
| Total Investments (99.9%) (Cost $32,817) (d)(e)(f) | 35,078 | |||||||
| Other Assets in Excess of Liabilities (0.1%) | 25 | |||||||
| Net Assets (100.0%) | $ | 35,103 | ||||||
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report − September 30, 2023 (unaudited)
Portfolio of Investments (cont'd)
Global Real Estate Portfolio
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund’s prospectus and/or statement of additional information relating to geographic classifications.
| (a) | Consists of one or more classes of securities traded together as a unit; stocks with attached warrants. |
| (b) | Non-income producing security. |
| (c) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2023, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Funds. |
| (d) | The approximate fair value and percentage of net assets, $11,603,000 and 33.1%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
| (e) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions. |
| (f) | At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $4,652,000 and the aggregate gross unrealized depreciation is approximately $2,391,000, resulting in net unrealized appreciation of approximately $2,261,000. |
| CVA | Certificaten Van Aandelen. |
| REIT | Real Estate Investment Trust. |
| Portfolio Composition | ||||
| Classification | Percentage of Total Investments | |||
| Residential | 18.2 | % | ||
| Industrial | 16.3 | |||
| Diversified | 13.7 | |||
| Other* | 13.6 | |||
| Retail | 12.8 | |||
| Health Care | 10.1 | |||
| Data Centers | 9.3 | |||
| Self Storage | 6.0 | |||
| Total Investments | 100.0 | % | ||
| * | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Portfolio of Investments
Global Sustain Portfolio
| Shares | Value (000) | |||||||
| Common Stocks (98.4%) | ||||||||
| Canada (3.4%) | ||||||||
| Constellation Software, Inc. | 1,628 | $ | 3,361 | |||||
| France (1.4%) | ||||||||
| L'Oreal SA | 3,362 | 1,393 | ||||||
| Germany (7.0%) | ||||||||
| Deutsche Boerse AG | 11,373 | 1,964 | ||||||
| SAP SE | 38,178 | 4,942 | ||||||
| 6,906 | ||||||||
| Hong Kong (1.8%) | ||||||||
| AIA Group Ltd. | 217,400 | 1,758 | ||||||
| Netherlands (0.4%) | ||||||||
| Universal Music Group NV | 13,372 | 349 | ||||||
| Sweden (1.5%) | ||||||||
| Atlas Copco AB, Class A | 108,930 | 1,463 | ||||||
| Taiwan (2.5%) | ||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 27,939 | 2,428 | ||||||
| United Kingdom (7.6%) | ||||||||
| Experian PLC | 27,681 | 906 | ||||||
| Prudential PLC | 71,187 | 765 | ||||||
| Reckitt Benckiser Group PLC | 50,081 | 3,532 | ||||||
| RELX PLC (LSE) | 65,066 | 2,195 | ||||||
| 7,398 | ||||||||
| United States (72.8%) | ||||||||
| Abbott Laboratories | 28,400 | 2,751 | ||||||
| Accenture PLC, Class A | 20,160 | 6,191 | ||||||
| Adobe, Inc. (a) | 698 | 356 | ||||||
| Alphabet, Inc., Class A (a) | 23,446 | 3,068 | ||||||
| Amphenol Corp., Class A | 14,449 | 1,214 | ||||||
| Aon PLC, Class A | 7,881 | 2,555 | ||||||
| Arthur J Gallagher & Co. | 8,802 | 2,006 | ||||||
| Automatic Data Processing, Inc. | 9,325 | 2,243 | ||||||
| Becton Dickinson & Co. | 14,097 | 3,645 | ||||||
| Broadridge Financial Solutions, Inc. | 6,648 | 1,190 | ||||||
| CDW Corp. | 8,531 | 1,721 | ||||||
| Coca-Cola Co. | 23,405 | 1,310 | ||||||
| Danaher Corp. | 15,170 | 3,764 | ||||||
| Equifax, Inc. | 8,737 | 1,600 | ||||||
| FactSet Research Systems, Inc. | 1,483 | 649 | ||||||
| Intercontinental Exchange, Inc. | 31,038 | 3,415 | ||||||
| IQVIA Holdings, Inc. (a) | 15,380 | 3,026 | ||||||
| Jack Henry & Associates, Inc. | 3,608 | 545 | ||||||
| Microsoft Corp. | 18,045 | 5,698 | ||||||
| Moody's Corp. | 2,500 | 790 | ||||||
| NIKE, Inc., Class B | 8,411 | 804 | ||||||
| Otis Worldwide Corp. | 21,002 | 1,687 | ||||||
| PayPal Holdings, Inc. (a) | 27,539 | 1,610 | ||||||
| Procter & Gamble Co. | 13,137 | 1,916 | ||||||
| Revvity, Inc. | 8,283 | 917 | ||||||
| Roper Technologies, Inc. | 4,459 | 2,159 | ||||||
| Steris PLC | 6,055 | 1,329 | ||||||
| Texas Instruments, Inc. | 12,646 | 2,011 | ||||||
| Thermo Fisher Scientific, Inc. | 9,709 | 4,914 | ||||||
| Visa, Inc., Class A | 23,705 | 5,452 | ||||||
| Zoetis, Inc. | 4,766 | 830 | ||||||
| 71,366 | ||||||||
| Total Common Stocks (Cost $83,228) | 96,422 | |||||||
| No. of Warrants | ||||||||
| Warrant (0.0%)‡ | ||||||||
| Canada (0.0%)‡ | ||||||||
| Constellation Software, Inc. expires 3/31/40 (a) (Cost $—) | 1,639 | 9 | ||||||
| Shares | ||||||||
| Short-Term Investment (1.5%) | ||||||||
| Investment Company (1.5%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (b) (Cost $1,504) | 1,504,495 | 1,504 | ||||||
| Total Investments (99.9%) (Cost $84,732) (c)(d)(e) | 97,935 | |||||||
| Other Assets in Excess of Liabilities (0.1%) | 109 | |||||||
| Net Assets (100.0%) | $ | 98,044 | ||||||
| ‡ | Amount is less than 0.05%. |
| (a) | Non-income producing security. |
| (b) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2023, advisory fees paid were reduced by approximately $3,000 relating to the Fund's investment in the Liquidity Funds. |
| (c) | The approximate fair value and percentage of net assets, $19,267,000 and 19.7%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
| (d) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions. |
| (e) | At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $15,081,000 and the aggregate gross unrealized depreciation is approximately $1,878,000, resulting in net unrealized appreciation of approximately $13,203,000. |
| ADR | American Depositary Receipt. |
| LSE | London Stock Exchange. |
Portfolio Composition
| Classification | Percentage of Total Investments | |||
| Other* | 20.2 | % | ||
| Software | 16.8 | |||
| Life Sciences Tools & Services | 12.8 | |||
| Professional Services | 8.3 | |||
| Health Care Equipment & Supplies | 7.9 | |||
| Financial Services | 7.8 | |||
| Insurance | 7.3 | |||
| Capital Markets | 7.0 | |||
| Information Technology Services | 6.3 | |||
| Household Products | 5.6 | |||
| Total Investments | 100.0 | % | ||
| * | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Consolidated Portfolio of Investments
Growth Portfolio
| Shares | Value (000) | |||||||
| Common Stocks (93.5%) | ||||||||
| Automobiles (5.4%) | ||||||||
| Rivian Automotive, Inc., Class A (a) | 579,734 | $ | 14,076 | |||||
| Tesla, Inc. (a) | 1,006,848 | 251,934 | ||||||
| 266,010 | ||||||||
| Biotechnology (1.6%) | ||||||||
| Intellia Therapeutics, Inc. (a) | 466,979 | 14,766 | ||||||
| Moderna, Inc. (a) | 45,229 | 4,672 | ||||||
| ProKidney Corp. (a)(b) | 2,756,872 | 12,626 | ||||||
| Roivant Sciences Ltd. (a) | 4,043,893 | 47,233 | ||||||
| 79,297 | ||||||||
| Broadline Retail (4.3%) | �� | |||||||
| Global-e Online Ltd. (Israel) (a) | 2,195,281 | 87,240 | ||||||
| MercadoLibre, Inc. (a) | 100,790 | 127,790 | ||||||
| 215,030 | ||||||||
| Capital Markets (0.4%) | ||||||||
| Coinbase Global, Inc., Class A (a) | 273,197 | 20,512 | ||||||
| Chemicals (0.4%) | ||||||||
| Ginkgo Bioworks Holdings, Inc. (a)(b) | 11,540,010 | 20,887 | ||||||
| Electronic Equipment, Instruments & Components (0.0%) | ||||||||
| Magic Leap, Inc., Class A (a)(c)(d) (acquisition cost — $18,812; acquired 12/22/15) | 38,705 | — | ||||||
| Entertainment (4.6%) | ||||||||
| ROBLOX Corp., Class A (a) | 7,860,768 | 227,648 | ||||||
| Financial Services (5.0%) | ||||||||
| Adyen NV (Netherlands) (a) | 172,090 | 127,593 | ||||||
| Affirm Holdings, Inc. (a) | 5,757,957 | 122,472 | ||||||
| 250,065 | ||||||||
| Ground Transportation (9.3%) | ||||||||
| Grab Holdings Ltd., Class A (Singapore) (a) | 25,641,350 | 90,770 | ||||||
| Uber Technologies, Inc. (a) | 8,036,376 | 369,593 | ||||||
| 460,363 | ||||||||
| Health Care Providers & Services (3.6%) | ||||||||
| Agilon health, Inc. (a) | 10,206,657 | 181,270 | ||||||
| Health Care Technology (0.5%) | ||||||||
| Doximity, Inc., Class A (a) | 1,217,199 | 25,829 | ||||||
| Hotels, Restaurants & Leisure (11.4%) | ||||||||
| Airbnb, Inc., Class A (a) | 1,895,397 | 260,067 | ||||||
| DoorDash, Inc., Class A (a) | 3,864,246 | 307,092 | ||||||
| 567,159 | ||||||||
| Information Technology Services (20.4%) | ||||||||
| Cloudflare, Inc., Class A (a) | 5,753,115 | 362,676 | ||||||
| Shopify, Inc., Class A (Canada) (a) | 6,221,284 | 339,496 | ||||||
| Snowflake, Inc., Class A (a) | 2,049,505 | 313,103 | ||||||
| 1,015,275 | ||||||||
| Leisure Products (0.5%) | ||||||||
| Peloton Interactive, Inc., Class A (a) | 5,206,259 | 26,292 | ||||||
| Life Sciences Tools & Services (0.5%) | ||||||||
| 10X Genomics, Inc., Class A (a) | 536,568 | 22,133 | ||||||
| Media (7.4%) | ||||||||
| Trade Desk, Inc., Class A (a) | 4,683,279 | 365,998 | ||||||
| Pharmaceuticals (4.6%) | ||||||||
| Royalty Pharma PLC, Class A | 8,460,174 | 229,609 | ||||||
| Software (9.9%) | ||||||||
| Aurora Innovation, Inc. (a) | 19,446,658 | 45,700 | ||||||
| Bill Holdings, Inc. (a) | 2,322,364 | 252,139 | ||||||
| Gitlab, Inc., Class A (a) | 1,541,452 | 69,705 | ||||||
| Procore Technologies, Inc. (a) | 852,035 | 55,655 | ||||||
| Samsara, Inc., Class A (a) | 2,773,062 | 69,909 | ||||||
| 493,108 | ||||||||
| Specialty Retail (3.7%) | ||||||||
| Carvana Co. (a) | 3,251,979 | 136,518 | ||||||
| Wayfair, Inc., Class A (a) | 801,511 | 48,548 | ||||||
| 185,066 | ||||||||
| Total Common Stocks (Cost $5,171,872) | 4,651,551 | |||||||
| Preferred Stocks (3.1%) | ||||||||
| Financial Services (0.3%) | ||||||||
| Stripe, Inc., Series H (a)(c)(d) (acquisition cost — $12,876; acquired 3/17/23) | 639,525 | 14,549 | ||||||
| Software (2.8%) | ||||||||
| Databricks, Inc., Series H (a)(c)(d) (acquisition cost — $136,746; acquired 8/31/21) | 1,860,888 | 136,775 | ||||||
| Total Preferred Stocks (Cost $149,622) | 151,324 | |||||||
| Investment Company (1.6%) | ||||||||
| Grayscale Bitcoin Trust (a) (Cost $164,178) | 4,253,055 | 81,616 | ||||||
| Short-Term Investments (2.7%) | ||||||||
| Investment Company (2.4%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (e) (Cost $118,350) | 118,350,538 | 118,350 | ||||||
| Securities held as Collateral on Loaned Securities (0.3%) | ||||||||
| Investment Company (0.3%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (e) | 13,283,580 | 13,284 | ||||||
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Growth Portfolio
| Face Amount (000) | Value (000) | |||||||
| Repurchase Agreements (0.0%) ‡ | ||||||||
| Citigroup, Inc., (5.25%, dated 9/29/23, due 10/2/23; proceeds $919; fully collateralized by U.S. Government obligations; 0.13% - 2.88% due 10/31/23 - 5/15/52; valued at $937) | $ | 918 | $ | 918 | ||||
| Merrill Lynch & Co., Inc., (5.29%, dated 9/29/23, due 10/2/23; proceeds $2,014; fully collateralized by a U.S. Government obligation; 2.75% due 5/31/29; valued at $2,053) | 2,013 | 2,013 | ||||||
| 2,931 | ||||||||
| Total Securities held as Collateral on Loaned Securities (Cost $16,215) | 16,215 | |||||||
| Total Short-Term Investments (Cost $134,565) | 134,565 | |||||||
| Total Investments Excluding Purchased Options (100.9%) (Cost $5,620,237) | 5,019,056 | |||||||
| Total Purchased Options Outstanding (0.3%) (Cost $15,507) | 16,162 | |||||||
| Total Investments (101.2%) (Cost $5,635,744) Including $18,919 of Securities Loaned (f)(g)(h)(i) | 5,035,218 | |||||||
| Liabilities in Excess of Other Assets (–1.2%) | (58,793 | ) | ||||||
| Net Assets (100.0%) | $ | 4,976,425 | ||||||
| ‡ | Amount is less than 0.05%. |
| (a) | Non-income producing security. |
| (b) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2023, were approximately $18,919,000 and $20,822,000 respectively. The Fund received cash collateral of approximately $16,215,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Consolidated Portfolio of Investments. The remaining collateral of approximately $4,607,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Consolidated Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand. |
| (c) | Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities (excluding 144A holdings) at September 30, 2023 amounts to approximately $151,324,000 and represents 3.1% of net assets. |
| (d) | At September 30, 2023, the Fund held fair valued securities at approximately $151,324,000, representing 3.1% of net assets. These securities have been fair valued as determined in good faith under procedures established by and under the general supervision of the Company's (as defined herein)'s Directors. |
| (e) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2023, advisory fees paid were reduced by approximately $100,000 relating to the Fund's investment in the Liquidity Funds. |
| (f) | The approximate fair value and percentage of net assets, $127,593,000 and 2.6%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
| (g) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions. |
| (h) | Securities are available for collateral in connection with purchased options. |
| (i) | At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $900,758,000 and the aggregate gross unrealized depreciation is approximately $1,501,284,000, resulting in net unrealized depreciation of approximately $600,526,000. |
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Growth Portfolio
Call Options Purchased:
The Fund had the following call options purchased open at September 30, 2023:
| Counterparty | Description | Strike Price | Expiration Date | Number of Contracts | Notional Amount (000) | Value (000) | Premiums Paid (000) | Unrealized Appreciation (Depreciation) (000) | |||||||||||||||||||
| JPMorgan Chase Bank NA | USD/CNH | CNH | 7.43 | Jan–24 | 1,032,347,082 | $ | 1,032,347 | $ | 4,718 | $ | 4,859 | $ | (141 | ) | |||||||||||||
| Standard Chartered Bank | USD/CNH | CNH | 7.57 | May–24 | 1,232,952,555 | 1,232,953 | 6,386 | 5,216 | 1,170 | ||||||||||||||||||
| JPMorgan Chase Bank NA | USD/CNH | CNH | 7.79 | Aug–24 | 1,297,584,118 | 1,297,584 | 5,058 | 5,373 | (315 | ) | |||||||||||||||||
| Goldman Sachs International | USD/CNH | CNH | 7.87 | Oct–23 | 12,162,956 | 12,163 | — | @ | 59 | (59 | ) | ||||||||||||||||
| $ | 16,162 | $ | 15,507 | $ | 655 | ||||||||||||||||||||||
| @ | Value is less than $500. | |
| CNH | — | Chinese Yuan Renminbi Offshore |
| USD | — | United States Dollar |
Portfolio Composition*
| Classification | Percentage of Total Investments | |||
| Other** | 28.7 | % | ||
| Information Technology Services | 20.3 | |||
| Software | 12.6 | |||
| Hotels, Restaurants & Leisure | 11.3 | |||
| Ground Transportation | 9.2 | |||
| Media | 7.3 | |||
| Automobiles | 5.3 | |||
| Financial Services | 5.3 | |||
| Total Investments | 100.0 | % | ||
| * | Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2023. |
| ** | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Consolidated Portfolio of Investments
Inception Portfolio
| Shares | Value (000) | |||||||
| Common Stocks (95.9%) | ||||||||
| Automobile Components (0.2%) | ||||||||
| XPEL, Inc. (a) | 13,143 | $ | 1,013 | |||||
| Beverages (0.2%) | ||||||||
| Celsius Holdings, Inc. (a) | 5,927 | 1,017 | ||||||
| Biotechnology (2.9%) | ||||||||
| Arbutus Biopharma Corp. (a)(b) | 752,760 | 1,528 | ||||||
| Beam Therapeutics, Inc. (a) | 46,403 | 1,116 | ||||||
| Intellia Therapeutics, Inc. (a) | 68,516 | 2,167 | ||||||
| ProKidney Corp. (a)(b) | 232,330 | 1,064 | ||||||
| Roivant Sciences Ltd. (a) | 496,662 | 5,801 | ||||||
| 11,676 | ||||||||
| Broadline Retail (7.4%) | ||||||||
| Global-e Online Ltd. (Israel) (a) | 762,683 | 30,309 | ||||||
| Chemicals (0.7%) | ||||||||
| Ginkgo Bioworks Holdings, Inc. (a)(b) | 1,567,683 | 2,838 | ||||||
| Consumer Staples Distribution & Retail (0.2%) | ||||||||
| Maplebear, Inc. (a)(b) | 25,546 | 758 | ||||||
| Diversified Consumer Services (1.1%) | ||||||||
| Duolingo, Inc. (a) | 25,891 | 4,295 | ||||||
| Financial Services (7.3%) | ||||||||
| Affirm Holdings, Inc. (a) | 1,406,245 | 29,911 | ||||||
| Ground Transportation (1.7%) | ||||||||
| Grab Holdings Ltd., Class A (Singapore) (a) | 1,967,865 | 6,966 | ||||||
| Health Care Equipment & Supplies (0.5%) | ||||||||
| Inspire Medical Systems, Inc. (a) | 5,068 | 1,005 | ||||||
| Outset Medical, Inc. (a) | 89,314 | 972 | ||||||
| 1,977 | ||||||||
| Health Care Providers & Services (5.8%) | ||||||||
| Agilon health, Inc. (a) | 1,212,270 | 21,530 | ||||||
| Guardant Health, Inc. (a) | 31,210 | 925 | ||||||
| Privia Health Group, Inc. (a) | 46,970 | 1,080 | ||||||
| 23,535 | ||||||||
| Health Care Technology (2.5%) | ||||||||
| Doximity, Inc., Class A (a) | 444,693 | 9,436 | ||||||
| Schrodinger, Inc. (a) | 33,209 | 939 | ||||||
| 10,375 | ||||||||
| Hotels, Restaurants & Leisure (0.5%) | ||||||||
| Cava Group, Inc. (a)(b) | 31,774 | 973 | ||||||
| Soho House & Co., Inc., Class A (a)(b) | 145,883 | 1,011 | ||||||
| 1,984 | ||||||||
| Household Durables (4.1%) | ||||||||
| Cricut, Inc., Class A (b) | 713,787 | 6,631 | ||||||
| Victoria PLC (United Kingdom) (a) | 1,611,055 | 10,219 | ||||||
| 16,850 | ||||||||
| Information Technology Services (12.6%) | ||||||||
| Cloudflare, Inc., Class A (a) | 533,563 | 33,636 | ||||||
| Fastly, Inc., Class A (a) | 936,335 | 17,949 | ||||||
| 51,585 | ||||||||
| Interactive Media & Services (1.7%) | ||||||||
| Eventbrite, Inc., Class A (a) | 699,728 | 6,899 | ||||||
| Leisure Products (5.1%) | ||||||||
| Peloton Interactive, Inc., Class A (a) | 4,122,560 | 20,819 | ||||||
| Life Sciences Tools & Services (4.2%) | ||||||||
| 10X Genomics, Inc., Class A (a) | 220,719 | 9,105 | ||||||
| MaxCyte, Inc. (a) | 319,323 | 996 | ||||||
| SomaLogic, Inc. (a) | 941,569 | 2,250 | ||||||
| Standard BioTools, Inc. (a)(b) | 1,692,328 | 4,908 | ||||||
| 17,259 | ||||||||
| Media (0.3%) | ||||||||
| Cardlytics, Inc. N (a) | 64,003 | 1,056 | ||||||
| Metals & Mining (0.2%) | ||||||||
| MP Materials Corp. (a) | 46,636 | 891 | ||||||
| Passenger Airlines (0.6%) | ||||||||
| Joby Aviation, Inc. (a)(b) | 400,405 | 2,583 | ||||||
| Personal Care Products (0.8%) | ||||||||
| Oddity Tech Ltd., Class A (Israel) (a)(b) | 116,256 | 3,296 | ||||||
| Pharmaceuticals (0.4%) | ||||||||
| ATAI Life Sciences NV (a)(b) | 570,330 | 736 | ||||||
| GH Research PLC (a)(b) | 96,918 | 974 | ||||||
| 1,710 | ||||||||
| Real Estate Management & Development (0.7%) | ||||||||
| Opendoor Technologies, Inc. (a) | 628,449 | 1,659 | ||||||
| Redfin Corp. (a) | 177,468 | 1,249 | ||||||
| 2,908 | ||||||||
| Software (23.8%) | ||||||||
| Aurora Innovation, Inc. (a) | 2,291,755 | 5,386 | ||||||
| Bill Holdings, Inc. (a) | 194,106 | 21,074 | ||||||
| Confluent, Inc., Class A (a) | 133,324 | 3,948 | ||||||
| Gitlab, Inc., Class A (a) | 419,207 | 18,957 | ||||||
| MicroStrategy, Inc., Class A (a) | 7,819 | 2,567 | ||||||
| Procore Technologies, Inc. (a) | 322,587 | 21,071 | ||||||
| Samsara, Inc., Class A (a) | 973,717 | 24,547 | ||||||
| 97,550 | ||||||||
| Specialty Retail (7.5%) | ||||||||
| BARK, Inc. (a)(b) | 842,611 | 1,011 | ||||||
| Carvana Co. (a) | 470,270 | 19,742 | ||||||
| Wayfair, Inc., Class A (a) | 166,944 | 10,112 | ||||||
| 30,865 | ||||||||
| Textiles, Apparel & Luxury Goods (2.9%) | ||||||||
| Figs, Inc., Class A (a) | 313,010 | 1,847 | ||||||
| On Holding AG, Class A (Switzerland) (a) | 354,566 | 9,864 | ||||||
| 11,711 | ||||||||
| Total Common Stocks (Cost $383,171) | 392,636 | |||||||
| Preferred Stocks (2.3%) | ||||||||
| Health Care Technology (1.4%) | ||||||||
| Included Health, Inc., Series B (a)(c)(d) (acquisition cost — $3,362; acquired 7/03/14) | 3,269,139 | 5,590 | ||||||
| Software (0.9%) | ||||||||
| Lookout, Inc., Series F (a)(c)(d) (acquisition cost — $13,476; acquired 6/17/14) | 1,179,743 | 3,846 | ||||||
| Total Preferred Stocks (Cost $16,838) | 9,436 | |||||||
| Investment Company (1.4%) | ||||||||
| Grayscale Bitcoin Trust (a) (Cost $7,295) | 285,472 | 5,478 | ||||||
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Inception Portfolio
| No. of Warrants | Value (000) | |||||||
| Warrants (0.0%)‡ | ||||||||
| Internet & Direct Marketing Retail (0.0%)‡ | ||||||||
| BARK, Inc., expires 5/1/26 (a) | 209,825 | $ | 27 | |||||
| Life Sciences Tools & Services (0.0%)‡ | ||||||||
| SomaLogic, Inc., expires 8/31/26 (a) | 61,142 | 14 | ||||||
| Total Warrants (Cost $1,304) | 41 | |||||||
| Shares | ||||||||
| Short-Term Investments (3.2%) | ||||||||
| Investment Company (0.1%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class (e) (Cost $613) | 612,582 | 613 | ||||||
| Securities held as Collateral on Loaned Securities (3.1%) | ||||||||
| Investment Company (2.5%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (e) | 10,311,144 | 10,311 | ||||||
| Face Amount (000) | ||||||||
| Repurchase Agreements (0.6%) | ||||||||
| Citigroup, Inc., (5.25%, dated 9/29/23, due 10/2/23; proceeds $713; fully collateralized by U.S. Government obligations; 0.13% - 2.88% due 10/31/23 - 5/15/52; valued at $727) | $ | 713 | 713 | |||||
| Merrill Lynch & Co., Inc., (5.29%, dated 9/29/23, due 10/2/23; proceeds $1,562; fully collateralized by a U.S. Government obligation; 2.75% due 5/31/29; valued at $1,594) | 1,562 | 1,562 | ||||||
| 2,275 | ||||||||
| Total Securities held as Collateral on Loaned Securities (Cost $12,586) | 12,586 | |||||||
| Total Short-Term Investments (Cost $13,199) | 13,199 | |||||||
| Total Investments Excluding Purchased Options (102.8%) (Cost $421,807) | 420,790 | |||||||
| Total Purchased Options Outstanding (0.3%) (Cost $1,250) | 1,292 | |||||||
| Total Investments (103.1%) (Cost $423,057) Including $14,150 of Securities Loaned (f)(g)(h) | 422,082 | |||||||
| Liabilities in Excess of Other Assets (–3.1%) | (12,757 | ) | ||||||
| Net Assets (100.0%) | $ | 409,325 | ||||||
| (a) | Non-income producing security. |
| (b) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2023, were approximately $14,150,000 and $14,762,000 respectively. The Fund received cash collateral of approximately $12,586,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Consolidated Portfolio of Investments. The remaining collateral of approximately $2,176,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Consolidated Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand. |
| (c) | Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities and derivative contracts (excluding 144A holdings) at September 30, 2023 amounts to approximately $9,436,000 and represents 2.3% of net assets. |
| (d) | At September 30, 2023, the Fund held fair valued securities valued at $9,436,000, representing 2.3% of net assets. These securities have been fair valued as determined in good faith under procedures established by and under the general supervision of the Company's (as defined herein) Directors. |
| (e) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2023, advisory fees paid were reduced by approximately $13,000 relating to the Fund's investment in the Liquidity Funds. |
| (f) | The approximate fair value and percentage of net assets, $10,219,000 and 2.5%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
| (g) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions. |
| (h) | At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $64,757,000 and the aggregate gross unrealized depreciation is approximately $65,732,000, resulting in net unrealized depreciation of approximately $975,000. |
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Inception Portfolio
Call Options Purchased:
The Fund had the following call options purchased open at September 30, 2023:
| Counterparty | Description | Strike Price | Expiration Date | Number of Contracts | Notional Amount (000) | Value (000) | Premiums Paid (000) | Unrealized Appreciation (Depreciation) (000) | ||||||||||||||
| JPMorgan Chase Bank NA | USD/CNH | CNH | 7.43 | Jan–24 | 76,565,662 | $ | 76,566 | $ | 350 | $ | 360 | $ | (10 | ) | ||||||||
| Standard Chartered Bank | USD/CNH | CNH | 7.57 | May–24 | 90,850,215 | 90,850 | 470 | 385 | 85 | |||||||||||||
| JPMorgan Chase Bank NA | USD/CNH | CNH | 7.79 | Aug–24 | 120,919,525 | 120,920 | 472 | 500 | (28 | ) | ||||||||||||
| Goldman Sachs International | USD/CNH | CNH | 7.87 | Oct–23 | 914,411 | 914 | — | @ | 5 | (5 | ) | |||||||||||
| $ | 1,292 | $ | 1,250 | $ | 42 | |||||||||||||||||
| @ | Value is less than $500. | |
| CNH | — | Chinese Yuan Renminbi Offshore |
| USD | — | United States Dollar |
| Portfolio Composition* | ||||
| Classification | Percentage of Total Investments | |||
| Other** | 29.4 | % | ||
| Software | 24.8 | |||
| Information Technology Services | 12.6 | |||
| Specialty Retail | 7.6 | |||
| Broadline Retail | 7.4 | |||
| Financial Services | 7.3 | |||
| Health Care Providers & Services | 5.8 | |||
| Leisure Products | 5.1 | |||
| Total Investments | 100.0 | % | ||
| * | Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2023. |
| ** | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Consolidated Portfolio of Investments
International Advantage Portfolio
| Shares | Value (000) | |||||||
| Common Stocks (94.9%) | ||||||||
| Canada (12.2%) | ||||||||
| Brookfield Corp. | 2,162,666 | $ | 67,626 | |||||
| Brookfield Infrastructure Partners LP | 2,180,496 | 64,107 | ||||||
| Canada Goose Holdings, Inc. (a)(b)(c) | 4,552,503 | 66,740 | ||||||
| Canadian Pacific Kansas City Ltd. | 1,102,312 | 81,936 | ||||||
| Shopify, Inc., Class A (c) | 1,675,558 | 91,435 | ||||||
| 371,844 | ||||||||
| Denmark (8.6%) | ||||||||
| DSV AS | 1,410,790 | 262,888 | ||||||
| France (11.1%) | ||||||||
| Hermes International | 114,293 | 208,336 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE | 82,069 | 61,948 | ||||||
| Pernod Ricard SA | 409,963 | 68,255 | ||||||
| 338,539 | ||||||||
| Germany (2.8%) | ||||||||
| Adidas AG | 300,546 | 52,718 | ||||||
| Puma SE | 509,788 | 31,522 | ||||||
| 84,240 | ||||||||
| Hong Kong (2.3%) | ||||||||
| AIA Group Ltd. | 8,581,700 | 69,401 | ||||||
| India (8.1%) | ||||||||
| HDFC Bank Ltd. | 11,152,234 | 204,531 | ||||||
| Titan Co. Ltd. | 1,080,910 | 40,888 | ||||||
| 245,419 | ||||||||
| Italy (9.9%) | ||||||||
| Davide Campari-Milano NV | 9,811,268 | 115,501 | ||||||
| Moncler SpA | 3,205,712 | 185,787 | ||||||
| 301,288 | ||||||||
| Japan (4.7%) | ||||||||
| Keyence Corp. | 383,200 | 141,717 | ||||||
| Netherlands (6.9%) | ||||||||
| Adyen NV (c) | 81,389 | 60,344 | ||||||
| ASML Holding NV | 251,118 | 147,846 | ||||||
| 208,190 | ||||||||
| Sweden (3.0%) | ||||||||
| Evolution AB | 758,345 | 76,524 | ||||||
| Vitrolife AB | 1,188,512 | 15,923 | ||||||
| 92,447 | ||||||||
| Switzerland (9.1%) | ||||||||
| Chocoladefabriken Lindt & Spruengli AG (Registered) | 504 | 55,186 | ||||||
| Cie Financiere Richemont SA (Registered) | 244,223 | 29,742 | ||||||
| Kuehne & Nagel International AG (Registered) | 259,504 | 73,733 | ||||||
| Straumann Holding AG (Registered) | 922,879 | 117,463 | ||||||
| 276,124 | ||||||||
| Taiwan (3.2%) | ||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 1,119,396 | 97,276 | ||||||
| United Kingdom (4.0%) | ||||||||
| Diageo PLC | 1,844,434 | 68,001 | ||||||
| Rightmove PLC | 7,831,091 | 53,441 | ||||||
| 121,442 | ||||||||
| United States (9.0%) | ||||||||
| MercadoLibre, Inc. (c) | 134,688 | 170,768 | ||||||
| Spotify Technology SA (c) | 672,442 | 103,987 | ||||||
| 274,755 | ||||||||
| Total Common Stocks (Cost $2,482,371) | 2,885,570 | |||||||
| Short-Term Investments (5.0%) | ||||||||
| Investment Company (4.6%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (d) (Cost $138,912) | 138,911,638 | 138,912 | ||||||
| Securities held as Collateral on Loaned Securities (0.4%) | ||||||||
| Investment Company (0.3%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (d) | 10,957,736 | 10,958 | ||||||
| Face Amount (000) | ||||||||
| Repurchase Agreements (0.1%) | ||||||||
| Citigroup, Inc., (5.25%, dated 9/29/23, due 10/2/23; proceeds $757; fully collateralized by U.S. Government obligations; 0.13% - 2.88% due 10/31/23 - 5/15/52; valued at $773) | $ | 757 | 757 | |||||
| Merrill Lynch & Co., Inc., (5.29%, dated 9/29/23, due 10/2/23; proceeds $1,661; fully collateralized by a U.S. Government obligation; 2.75% due 5/31/29; valued at $1,693) | 1,660 | 1,660 | ||||||
| 2,417 | ||||||||
| Total Securities held as Collateral on Loaned Securities (Cost $13,375) | 13,375 | |||||||
| Total Short-Term Investments (Cost $152,287) | 152,287 | |||||||
| Total Investments (99.9%) (Cost $2,634,658) Including $12,858 of Securities Loaned (e)(f)(g) | 3,037,857 | |||||||
| Other Assets in Excess of Liabilities (0.1%) | 4,329 | |||||||
| Net Assets (100.0%) | $ | 3,042,186 | ||||||
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund’s prospectus and/or statement of additional information relating to geographic classifications.
| (a) | For the nine months ended September 30, 2023, the cost of purchase and proceeds from sale of Canada Goose Holdings, Inc., Common Stock, and its affiliated broker-dealers, which may be deemed affiliates of the Adviser/Administrator and Distributor under the Investment Company Act of 1940, were approximately $5,769,000 and $2,033,000. respectively, including net realized loss of approximately $2,304,000. |
| (b) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2023, were approximately $12,858,000 and $13,376,000 respectively. The Fund received cash collateral of approximately $13,376,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Consolidated Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand. |
| (c) | Non-income producing security. |
| (d) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2023, advisory fees paid were reduced by approximately $201,000 relating to the Fund's investment in the Liquidity Funds. |
| (e) | The approximate fair value and percentage of net assets, $2,141,695,000 and 70.4%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
| (f) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions. |
| (g) | At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $666,540,000 and the aggregate gross unrealized depreciation is approximately $263,341,000, resulting in net unrealized appreciation of approximately $403,199,000. |
| ADR | American Depositary Receipt. |
| Portfolio Composition* | ||||
| Classification | Percentage of Total Investments | |||
| Other** | 40.0 | % | ||
| Textiles, Apparel & Luxury Goods | 22.4 | |||
| Air Freight & Logistics | 8.7 | |||
| Beverages | 8.3 | |||
| Semiconductors & Semiconductor Equipment | 8.1 | |||
| Banks | 6.8 | |||
| Broadline Retail | 5.7 | |||
| Total Investments | 100.0 | % | ||
| * | Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2023. |
| ** | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Portfolio of Investments
International Equity Portfolio
| Shares | Value (000) | |||||||
| Common Stocks (98.2%) | ||||||||
| Australia (1.2%) | ||||||||
| Aristocrat Leisure Ltd. | 588,664 | $ | 15,380 | |||||
| Belgium (0.5%) | ||||||||
| KBC Group NV | 97,050 | 6,042 | ||||||
| Canada (6.2%) | ||||||||
| Barrick Gold Corp. (LSE) | 1,773,617 | 25,764 | ||||||
| Constellation Software, Inc. | 18,454 | 38,098 | ||||||
| Tourmaline Oil Corp. | 288,981 | 14,542 | ||||||
| 78,404 | ||||||||
| China (0.7%) | ||||||||
| Minth Group Ltd. (a) | 3,378,000 | 8,682 | ||||||
| Denmark (3.2%) | ||||||||
| Carlsberg AS Series B | 176,797 | 22,291 | ||||||
| Tryg AS | 990,296 | 18,122 | ||||||
| 40,413 | ||||||||
| Finland (1.4%) | ||||||||
| Kone Oyj, Class B | 421,468 | 17,761 | ||||||
| France (15.8%) | ||||||||
| AXA SA | 849,070 | 25,191 | ||||||
| L'Oreal SA | 33,661 | 13,950 | ||||||
| Legrand SA | 287,272 | 26,396 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE | 28,630 | 21,611 | ||||||
| Pernod Ricard SA | 125,146 | 20,836 | ||||||
| Safran SA | 178,161 | 27,920 | ||||||
| Sanofi | 221,581 | 23,792 | ||||||
| Thales SA | 155,193 | 21,811 | ||||||
| Worldline SA (b) | 667,133 | 18,727 | ||||||
| 200,234 | ||||||||
| Germany (15.7%) | ||||||||
| Adidas AG | 74,981 | 13,152 | ||||||
| Deutsche Boerse AG | 137,928 | 23,820 | ||||||
| Deutsche Post AG (Registered) | 674,191 | 27,356 | ||||||
| Infineon Technologies AG | 542,708 | 17,975 | ||||||
| Knorr-Bremse AG | 257,761 | 16,341 | ||||||
| Merck KGaA | 64,062 | 10,680 | ||||||
| MTU Aero Engines AG | 97,408 | 17,641 | ||||||
| QIAGEN NV (b) | 751,429 | 30,320 | ||||||
| SAP SE | 318,067 | 41,171 | ||||||
| 198,456 | ||||||||
| Hong Kong (1.8%) | ||||||||
| AIA Group Ltd. | 2,784,200 | 22,516 | ||||||
| Italy (1.7%) | ||||||||
| Moncler SpA | 377,089 | 21,854 | ||||||
| Japan (3.2%) | ||||||||
| Hoya Corp. | 126,600 | 12,966 | ||||||
| Keyence Corp. | 17,400 | 6,435 | ||||||
| Shiseido Co. Ltd. | 365,000 | 12,791 | ||||||
| SMC Corp. | 19,600 | 8,786 | ||||||
| 40,978 | ||||||||
| Korea, Republic of (3.3%) | ||||||||
| Samsung Electronics Co. Ltd. | 526,678 | 26,626 | ||||||
| SK Hynix, Inc. | 178,064 | 15,076 | ||||||
| 41,702 | ||||||||
| Netherlands (5.1%) | ||||||||
| Heineken NV | 430,560 | 37,959 | ||||||
| Universal Music Group NV | 1,010,885 | 26,380 | ||||||
| 64,339 | ||||||||
| Singapore (1.8%) | ||||||||
| DBS Group Holdings Ltd. | 940,500 | 23,098 | ||||||
| Sweden (6.5%) | ||||||||
| Atlas Copco AB, Class A | 1,271,816 | 17,081 | ||||||
| Boliden AB (b) | 298,824 | 8,575 | ||||||
| Epiroc AB, Class A | 892,314 | 16,943 | ||||||
| Hexagon AB, Class B | 1,723,052 | 14,665 | ||||||
| Svenska Handelsbanken AB, Class A | 2,833,946 | 25,216 | ||||||
| 82,480 | ||||||||
| Switzerland (5.1%) | ||||||||
| Alcon, Inc. | 105,121 | 8,112 | ||||||
| Novartis AG (Registered) | 160,079 | 16,349 | ||||||
| Partners Group Holding AG | 3,255 | 3,654 | ||||||
| Roche Holding AG (Genusschein) | 83,550 | 22,809 | ||||||
| UBS Group AG (Registered) | 581,573 | 14,325 | ||||||
| 65,249 | ||||||||
| Taiwan (2.5%) | ||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 371,063 | 32,245 | ||||||
| United Kingdom (22.5%) | ||||||||
| Anglo American PLC | 308,425 | 8,469 | ||||||
| Associated British Foods PLC | 807,847 | 20,296 | ||||||
| AstraZeneca PLC | 205,357 | 27,699 | ||||||
| BP PLC | 2,348,890 | 15,141 | ||||||
| British American Tobacco PLC | 824,132 | 25,877 | ||||||
| Experian PLC | 308,753 | 10,099 | ||||||
| Halma PLC | 708,693 | 16,697 | ||||||
| Hiscox Ltd. | 1,353,172 | 16,545 | ||||||
| Legal & General Group PLC | 3,833,502 | 10,344 | ||||||
| Prudential PLC | 1,791,320 | 19,255 | ||||||
| Reckitt Benckiser Group PLC | 482,774 | 34,046 | ||||||
| RELX PLC (Euronext NV) | 476,236 | 16,099 | ||||||
| RELX PLC (LSE) | 419,760 | 14,163 | ||||||
| Rightmove PLC | 1,461,160 | 9,971 | ||||||
| Shell PLC | 1,295,893 | 41,072 | ||||||
| 285,773 | ||||||||
| Total Common Stocks (Cost $988,879) | 1,245,606 | |||||||
| No. of Warrants | ||||||||
| Warrant (0.0%)‡ | ||||||||
| Canada (0.0%)‡ | ||||||||
| Constellation Software, Inc. expires 3/31/40 (b) (Cost $—) | 18,454 | 94 | ||||||
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report − September 30, 2023 (unaudited)
Portfolio of Investments (cont'd)
International Equity Portfolio
| Shares | Value (000) | |||||||
| Short-Term Investment (1.2%) | ||||||||
| Investment Company (1.2%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (c) (Cost $15,230) | 15,229,949 | $ | 15,230 | |||||
| Total Investments (99.4%) (Cost $1,004,109) (d)(e)(f) | 1,260,930 | |||||||
| Other Assets in Excess of Liabilities (0.6%) | 7,577 | |||||||
| Net Assets (100.0%) | $ | 1,268,507 | ||||||
| ‡ | Amount is less than 0.05%. |
| (a) | Security trades on the Hong Kong exchange. |
| (b) | Non-income producing security. |
| (c) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2023, advisory fees paid were reduced by approximately $31,000 relating to the Fund's investment in the Liquidity Funds. |
| (d) | The approximate fair value and percentage of net assets, $1,134,957,000 and 89.5%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
| (e) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions. |
| (f) | At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $300,160,000 and the aggregate gross unrealized depreciation is approximately $43,339,000, resulting in net unrealized appreciation of approximately $256,821,000. |
| ADR | American Depositary Receipt. |
| Euronext NV | Euronext Amsterdam Stock Market. |
| LSE | London Stock Exchange. |
| Portfolio Composition | ||||
| Classification | Percentage of Total Investments | |||
| Other* | 48.2 | % | ||
| Insurance | 8.8 | |||
| Pharmaceuticals | 8.0 | |||
| Beverages | 6.5 | |||
| Software | 6.3 | |||
| Machinery | 6.0 | |||
| Oil, Gas & Consumable Fuels | 5.7 | |||
| Aerospace & Defense | 5.3 | |||
| Semiconductors & Semiconductor Equipment | 5.2 | |||
| Total Investments | 100.0 | % | ||
| * | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Consolidated Portfolio of Investments
International Opportunity Portfolio
| Shares | Value (000) | |||||||
| Common Stocks (97.8%) | ||||||||
| Argentina (2.4%) | ||||||||
| Globant SA (a) | 127,052 | $ | 25,137 | |||||
| Brazil (2.4%) | ||||||||
| NU Holdings Ltd., Class A (a) | 3,400,491 | 24,653 | ||||||
| Canada (6.1%) | ||||||||
| Canada Goose Holdings, Inc. (a)(b) | 1,108,819 | 16,255 | ||||||
| Shopify, Inc., Class A (a) | 885,439 | 48,319 | ||||||
| 64,574 | ||||||||
| China (11.1%) | ||||||||
| Kweichow Moutai Co. Ltd., Class A | 102,600 | 25,446 | ||||||
| Meituan, Class B (a)(c) | 2,692,020 | 38,970 | ||||||
| Tencent Holdings Ltd. (c) | 394,200 | 15,281 | ||||||
| Trip.com Group Ltd. ADR (a) | 1,076,132 | 37,632 | ||||||
| 117,329 | ||||||||
| Denmark (7.9%) | ||||||||
| DSV AS | 443,709 | 82,681 | ||||||
| France (4.7%) | ||||||||
| Hermes International | 27,279 | 49,725 | ||||||
| Germany (0.8%) | ||||||||
| HelloFresh SE (a) | 289,408 | 8,600 | ||||||
| India (14.4%) | ||||||||
| HDFC Bank Ltd. | 4,091,127 | 75,031 | ||||||
| ICICI Bank Ltd. ADR | 2,442,917 | 56,480 | ||||||
| Titan Co. Ltd. | 523,278 | 19,794 | ||||||
| 151,305 | ||||||||
| Italy (4.7%) | ||||||||
| Moncler SpA | 850,596 | 49,296 | ||||||
| Japan (2.9%) | ||||||||
| Keyence Corp. | 81,700 | 30,215 | ||||||
| Korea, Republic of (9.1%) | ||||||||
| Coupang, Inc. (a) | 3,156,891 | 53,667 | ||||||
| KakaoBank Corp. (b) | 1,121,494 | 19,409 | ||||||
| NAVER Corp. | 154,348 | 23,077 | ||||||
| 96,153 | ||||||||
| Netherlands (4.9%) | ||||||||
| Adyen NV (a) | 27,257 | 20,209 | ||||||
| ASML Holding NV | 53,475 | 31,484 | ||||||
| 51,693 | ||||||||
| Norway (0.5%) | ||||||||
| AutoStore Holdings Ltd. (a)(b) | 3,495,203 | 4,913 | ||||||
| Singapore (3.2%) | ||||||||
| Grab Holdings Ltd., Class A (a) | 8,113,412 | 28,722 | ||||||
| Sea Ltd. ADR (a) | 113,297 | 4,979 | ||||||
| 33,701 | ||||||||
| Sweden (3.9%) | ||||||||
| Evolution AB | 336,864 | 33,992 | ||||||
| Vitrolife AB | 541,365 | 7,253 | ||||||
| 41,245 | ||||||||
| Switzerland (1.3%) | ||||||||
| On Holding AG, Class A (a) | 504,633 | 14,039 | ||||||
| Taiwan (2.8%) | ||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 1,834,000 | 29,906 | ||||||
| United Kingdom (1.7%) | ||||||||
| Deliveroo PLC (a) | 7,252,025 | 10,549 | ||||||
| Fevertree Drinks PLC | 475,353 | 6,937 | ||||||
| 17,486 | ||||||||
| United States (13.0%) | ||||||||
| MercadoLibre, Inc. (a) | 64,356 | 81,596 | ||||||
| Spotify Technology SA (a) | 357,864 | 55,340 | ||||||
| 136,936 | ||||||||
| Total Common Stocks (Cost $909,187) | 1,029,587 | |||||||
| Short-Term Investments (3.2%) | ||||||||
| Investment Company (1.8%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (d) (Cost $19,200) | 19,200,203 | 19,200 | ||||||
| Securities held as Collateral on Loaned Securities (1.4%) | ||||||||
| Investment Company (1.1%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (d) | 11,876,820 | 11,877 | ||||||
| Face Amount (000) | ||||||||
| Repurchase Agreements (0.3%) | ||||||||
| Citigroup, Inc., (5.25%, dated 9/29/23, due 10/2/23; proceeds $821; fully collateralized by U.S. Government obligations; 0.13% - 2.88% due 10/31/23 - 5/15/52; valued at $838) | $ | 821 | 821 | |||||
| Merrill Lynch & Co., Inc., (5.29%, dated 9/29/23, due 10/2/23; proceeds $1,800; fully collateralized by a U.S. Government obligation; 2.75% due 5/31/29; valued at $1,836) | 1,800 | 1,800 | ||||||
| 2,621 | ||||||||
| Total Securities held as Collateral on Loaned Securities (Cost $14,498) | 14,498 | |||||||
| Total Short-Term Investments (Cost $33,698) | 33,698 | |||||||
| Total Investments (101.0%) (Cost $942,885) Including $27,891 of Securities Loaned (e)(f)(g) | 1,063,285 | |||||||
| Liabilities in Excess of Other Assets (–1.0%) | (10,096 | ) | ||||||
| Net Assets (100.0%) | $ | 1,053,189 | ||||||
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report − September 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
International Opportunity Portfolio
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund’s prospectus and/or statement of additional information relating to geographic classifications.
| (a) | Non-income producing security. |
| (b) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2023, were approximately $27,891,000 and $29,148,000 respectively. The Fund received cash collateral of approximately $14,497,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Consolidated Portfolio of Investments. The remaining collateral of approximately $14,651,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Consolidated Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand. |
| (c) | Security trades on the Hong Kong exchange. |
| (d) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2023, advisory fees paid were reduced by approximately $34,000 relating to the Fund's investment in the Liquidity Funds. |
| (e) | The approximate fair value and percentage of net assets, $582,768,000 and 55.3%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
| (f) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions. |
| (g) | At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $252,257,000 and the aggregate gross unrealized depreciation is approximately $131,857,000, resulting in net unrealized appreciation of approximately $120,400,000. |
| ADR | American Depositary Receipt. |
| Portfolio Composition* | ||||
| Classification | Percentage of Total Investments | |||
| Other** | 18.1 | % | ||
| Banks | 16.7 | |||
| Textiles, Apparel & Luxury Goods | 14.2 | |||
| Broadline Retail | 12.9 | |||
| Hotels, Restaurants & Leisure | 11.5 | |||
| Air Freight & Logistics | 7.9 | |||
| Information Technology Services | 7.0 | |||
| Semiconductors & Semiconductor Equipment | 5.9 | |||
| Entertainment | 5.8 | |||
| Total Investments | 100.0 | % | ||
| * | Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2023. |
| ** | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Portfolio of Investments
International Resilience Portfolio
| Shares | Value (000) | �� | ||||||
| Common Stocks (95.8%) | ||||||||
| Australia (1.7%) | ||||||||
| Aristocrat Leisure Ltd. | 991 | $ | 26 | |||||
| Canada (4.0%) | ||||||||
| Constellation Software, Inc. | 30 | 62 | ||||||
| Denmark (2.5%) | ||||||||
| Carlsberg AS Series B | 307 | 39 | ||||||
| Finland (1.4%) | ||||||||
| Kone Oyj, Class B | 532 | 22 | ||||||
| France (15.3%) | ||||||||
| L'Oreal SA | 125 | 52 | ||||||
| Legrand SA | 521 | 48 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE | 48 | 36 | ||||||
| Pernod Ricard SA | 257 | 43 | ||||||
| Sanofi | 218 | 23 | ||||||
| Worldline SA (a) | 1,172 | 33 | ||||||
| 235 | ||||||||
| Germany (15.9%) | ||||||||
| Adidas AG | 123 | 22 | ||||||
| Deutsche Boerse AG | 302 | 52 | ||||||
| Infineon Technologies AG | 741 | 25 | ||||||
| Merck KGaA | 121 | 20 | ||||||
| QIAGEN NV (a) | 1,242 | 50 | ||||||
| SAP SE | 582 | 75 | ||||||
| 244 | ||||||||
| Hong Kong (1.7%) | ||||||||
| AIA Group Ltd. | 3,200 | 26 | ||||||
| Italy (2.4%) | ||||||||
| Moncler SpA | 635 | 37 | ||||||
| Japan (5.1%) | ||||||||
| Hoya Corp. | 300 | 31 | ||||||
| Keyence Corp. | 100 | 37 | ||||||
| Shiseido Co. Ltd. | 300 | 10 | ||||||
| 78 | ||||||||
| Netherlands (6.6%) | ||||||||
| Heineken NV | 659 | 58 | ||||||
| Universal Music Group NV | 1,652 | 43 | ||||||
| 101 | ||||||||
| Sweden (6.5%) | ||||||||
| Atlas Copco AB, Class A | 2,705 | 36 | ||||||
| Epiroc AB, Class A | 1,499 | 29 | ||||||
| Hexagon AB, Class B | 4,157 | 35 | ||||||
| 100 | ||||||||
| Switzerland (3.2%) | ||||||||
| Alcon, Inc. | 349 | 27 | ||||||
| Roche Holding AG (Genusschein) | 86 | 23 | ||||||
| 50 | ||||||||
| Taiwan (3.3%) | ||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 569 | 50 | ||||||
| United Kingdom (16.5%) | ||||||||
| AstraZeneca PLC | 328 | 44 | ||||||
| Experian PLC | 1,106 | 36 | ||||||
| Halma PLC | 1,274 | 30 | ||||||
| Prudential PLC | 1,394 | 15 | ||||||
| Reckitt Benckiser Group PLC | 740 | 52 | ||||||
| RELX PLC (LSE) | 1,684 | 57 | ||||||
| Rightmove PLC | 2,699 | 19 | ||||||
| 253 | ||||||||
| United States (9.7%) | ||||||||
| Danaher Corp. | 134 | 33 | ||||||
| Procter & Gamble Co. | 223 | 33 | ||||||
| Thermo Fisher Scientific, Inc. | 85 | 43 | ||||||
| Visa, Inc., Class A | 174 | 40 | ||||||
| 149 | ||||||||
| Total Common Stocks (Cost $1,461) | 1,472 | |||||||
| No. of Warrants | ||||||||
| Warrant (0.0%)‡ | ||||||||
| Canada (0.0%) ‡ | ||||||||
| Constellation Software, Inc. expires 3/31/40 (a) (Cost $—) | 31 | — | @ | |||||
| Shares | ||||||||
| Short-Term Investment (1.2%) | ||||||||
| Investment Company (1.2%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (b) (Cost $18) | 18,133 | 18 | ||||||
| Total Investments (97.0%) (Cost $1,479) (c)(d)(e) | 1,490 | |||||||
| Other Assets in Excess of Liabilities (3.0%) | 46 | |||||||
| Net Assets (100.0%) | $ | 1,536 | ||||||
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report − September 30, 2023 (unaudited)
Portfolio of Investments (cont'd)
International Resilience Portfolio
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund’s prospectus and/or statement of additional information relating to geographic classifications.
| @ | Value is less than $500. |
| ‡ | Amount is less than 0.05%. |
| (a) | Non-income producing security. |
| (b) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2023, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Funds. |
| (c) | The approximate fair value and percentage of net assets, $1,211,000 and 78.8%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
| (d) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions. |
| (e) | At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $96,000 and the aggregate gross unrealized depreciation is approximately $85,000, resulting in net unrealized appreciation of approximately $11,000. |
| ADR | American Depositary Receipt. |
| LSE | London Stock Exchange. |
| Portfolio Composition | ||||
| Classification | Percentage of Total Investments | |||
| Other* | 29.5 | % | ||
| Beverages | 9.4 | |||
| Software | 9.3 | |||
| Life Sciences Tools & Services | 8.5 | |||
| Pharmaceuticals | 7.4 | |||
| Electronic Equipment, Instruments & Components | 6.8 | |||
| Textiles, Apparel & Luxury Goods | 6.4 | |||
| Professional Services | 6.2 | |||
| Machinery | 5.8 | |||
| Household Products | 5.7 | |||
| Semiconductors & Semiconductor Equipment | 5.0 | |||
| Total Investments | 100.0 | % | ||
| * | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Consolidated Portfolio of Investments
Multi-Asset Real Return Portfolio
| Shares | Value (000) | |||||||
| Common Stocks (5.4%) | ||||||||
| Australia (0.3%) | ||||||||
| Capricorn Metals Ltd. (a) | 1,025 | $ | 3 | |||||
| Evolution Mining Ltd. | 5,007 | 10 | ||||||
| Gold Road Resources Ltd. | 2,941 | 3 | ||||||
| Newcrest Mining Ltd. | 1,753 | 28 | ||||||
| Northern Star Resources Ltd. | 3,137 | 21 | ||||||
| Perseus Mining Ltd. | 3,731 | 4 | ||||||
| Regis Resources Ltd. (a) | 2,060 | 2 | ||||||
| Silver Lake Resources Ltd. (a) | 2,465 | 1 | ||||||
| West African Resources Ltd. (a) | 2,714 | 1 | ||||||
| 73 | ||||||||
| Austria (0.0%)‡ | ||||||||
| OMV AG | 96 | 5 | ||||||
| Canada (1.0%) | ||||||||
| Agnico Eagle Mines Ltd. | 919 | 42 | ||||||
| Alamos Gold, Inc., Class A | 1,105 | 12 | ||||||
| Aya Gold & Silver, Inc. (a) | 284 | 2 | ||||||
| B2Gold Corp. | 3,015 | 9 | ||||||
| Barrick Gold Corp. | 3,161 | 46 | ||||||
| Centerra Gold, Inc. | 621 | 3 | ||||||
| Dundee Precious Metals, Inc. | 534 | 3 | ||||||
| Eldorado Gold Corp. (a) | 535 | 5 | ||||||
| Endeavour Silver Corp. (a) | 531 | 1 | ||||||
| Equinox Gold Corp. (a) | 883 | 4 | ||||||
| First Majestic Silver Corp. | 723 | 4 | ||||||
| Fortuna Silver Mines, Inc. (a)(b) | 852 | 2 | ||||||
| Franco-Nevada Corp. | 340 | 45 | ||||||
| IAMGOLD Corp. (a) | 1,404 | 3 | ||||||
| K92 Mining, Inc. (a) | 659 | 3 | ||||||
| Kinross Gold Corp. | 3,598 | 16 | ||||||
| New Gold, Inc. (a) | 1,961 | 2 | ||||||
| OceanaGold Corp. | 1,956 | 4 | ||||||
| Osisko Gold Royalties Ltd. | 519 | 6 | ||||||
| Pan American Silver Corp. | 1,041 | 15 | ||||||
| Sandstorm Gold Ltd. | 840 | 4 | ||||||
| SilverCrest Metals, Inc. (a)(b) | 412 | 2 | ||||||
| SSR Mining, Inc. | 565 | 7 | ||||||
| Torex Gold Resources, Inc. (a) | 243 | 3 | ||||||
| Wesdome Gold Mines Ltd. (a) | 404 | 2 | ||||||
| Wheaton Precious Metals Corp. | 782 | 32 | ||||||
| 277 | ||||||||
| China (0.1%) | ||||||||
| Zhaojin Mining Industry Co. Ltd. (c) | 7,121 | 10 | ||||||
| Zijin Mining Group Co. Ltd., H Shares (c) | 15,654 | 24 | ||||||
| 34 | ||||||||
| Finland (0.0%)‡ | ||||||||
| Neste Oyj | 278 | 9 | ||||||
| France (0.4%) | ||||||||
| TotalEnergies SE | 1,634 | 107 | ||||||
| Italy (0.1%) | ||||||||
| Eni SpA | 1,647 | 26 | ||||||
| Tenaris SA | 311 | 5 | ||||||
| 31 | ||||||||
| Norway (0.1%) | ||||||||
| Aker BP ASA | 209 | 6 | ||||||
| Equinor ASA | 630 | 20 | ||||||
| 26 | ||||||||
| Peru (0.0%)‡ | ||||||||
| Cia de Minas Buenaventura SAA ADR | 710 | 6 | ||||||
| Portugal (0.0%)‡ | ||||||||
| Galp Energia SGPS SA | 330 | 5 | ||||||
| South Africa (0.1%) | ||||||||
| DRDGOLD Ltd. ADR | 248 | 2 | ||||||
| Gold Fields Ltd. ADR | 2,563 | 28 | ||||||
| Harmony Gold Mining Co. Ltd. ADR | 1,746 | 6 | ||||||
| 36 | ||||||||
| Spain (0.1%) | ||||||||
| Repsol SA | 908 | 15 | ||||||
| United Kingdom (0.9%) | ||||||||
| Anglogold Ashanti PLC | 1,186 | 19 | ||||||
| BP PLC | 11,945 | 77 | ||||||
| Centamin PLC | 3,190 | 3 | ||||||
| Endeavour Mining PLC | 695 | 14 | ||||||
| Shell PLC | 4,651 | 147 | ||||||
| 260 | ||||||||
| United States (2.3%) | ||||||||
| APA Corp. | 98 | 4 | ||||||
| Baker Hughes Co. | 313 | 11 | ||||||
| Cheniere Energy, Inc. | 70 | 12 | ||||||
| Chesapeake Energy Corp. | 37 | 3 | ||||||
| Chevron Corp. | 571 | 96 | ||||||
| Coeur Mining, Inc. (a) | 858 | 2 | ||||||
| ConocoPhillips | 383 | 46 | ||||||
| Coterra Energy, Inc. | 247 | 7 | ||||||
| Devon Energy Corp. | 189 | 9 | ||||||
| Diamondback Energy, Inc. | 52 | 8 | ||||||
| EOG Resources, Inc. | 180 | 23 | ||||||
| EQT Corp. | 104 | 4 | ||||||
| Exxon Mobil Corp. | 1,272 | 149 | ||||||
| Halliburton Co. | 275 | 11 | ||||||
| Hecla Mining Co. | 1,747 | 7 | ||||||
| Hess Corp. | 85 | 13 | ||||||
| HF Sinclair Corp. | 47 | 3 | ||||||
| Kinder Morgan, Inc. | 632 | 10 | ||||||
| Marathon Oil Corp. | 194 | 5 | ||||||
| Marathon Petroleum Corp. | 143 | 22 | ||||||
| Newmont Corp. (TSX) | 1,443 | 53 | ||||||
| Occidental Petroleum Corp. | 226 | 15 | ||||||
| ONEOK, Inc. | 140 | 9 | ||||||
| Ovintiv, Inc. | 76 | 4 | ||||||
| Phillips 66 | 145 | 17 | ||||||
| Pioneer Natural Resources Co. | 71 | 16 | ||||||
| Royal Gold, Inc. | 185 | 20 | ||||||
| Schlumberger NV | 437 | 25 | ||||||
| Targa Resources Corp. | 67 | 6 | ||||||
| Texas Pacific Land Corp. | 2 | 4 | ||||||
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report − September 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Multi-Asset Real Return Portfolio
| Shares | Value (000) | |||||||
| Valero Energy Corp. | 118 | $ | 17 | |||||
| Williams Cos., Inc. | 379 | 13 | ||||||
| 644 | ||||||||
| Total Common Stocks (Cost $1,510) | 1,528 | |||||||
| Face Amount (000) | ||||||||
| U.S. Treasury Securities (66.0%) | ||||||||
| United States (66.0%) | ||||||||
| U.S. Treasury Bill, 5.41%, 11/30/23 (d) | $ | 12,197 | 12,091 | |||||
| U.S. Treasury Inflation-Indexed Bonds, | ||||||||
| 0.13%, 10/15/24—7/15/26 | 471 | 447 | ||||||
| 0.25%, 1/15/25 | 106 | 102 | ||||||
| 0.38%, 7/15/25 | 117 | 112 | ||||||
| 0.63%, 1/15/26 | 99 | 93 | ||||||
| 1.13%, 1/15/33 | 6,344 | 5,733 | ||||||
| 2.00%, 1/15/26 | 48 | 47 | ||||||
| 2.38%, 1/15/25 | 75 | 74 | ||||||
| Total U.S. Treasury Securities (Cost $19,056) | 18,699 | |||||||
| Shares | ||||||||
| Short-Term Investments (24.8%) | ||||||||
| Investment Company (24.8%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds — Treasury Portfolio — Institutional Class (e) (Cost $7,019) | 7,019,215 | 7,019 | ||||||
| Securities held as Collateral on Loaned Securities (0.0%)‡ | ||||||||
| Investment Company (0.0%)‡ | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (e) | 3,697 | 4 | ||||||
| Face Amount (000) | ||||||||
| Repurchase Agreements (0.0%)‡ | ||||||||
| Citigroup, Inc., (5.25%, dated 9/29/23, due 10/2/23; proceeds $—@; fully collateralized by U.S. Government obligations; 0.13% - 2.88% due 10/31/23 - 5/15/52; valued at $—@) | $ | — | @ | — | @ | |||
| Merrill Lynch & Co., Inc., (5.29%, dated 9/29/23, due 10/2/23; proceeds $1; fully collateralized by a U.S. Government obligation; 2.75% due 5/31/29; valued at $1) | 1 | 1 | ||||||
| 1 | ||||||||
| Total Securities held as Collateral on Loaned Securities (Cost $5) | 5 | |||||||
| Total Short-Term Investments (Cost $7,024) | 7,024 | |||||||
| Total Investments (96.2%) (Cost $27,590) Including $4 of Securities Loaned (f)(g)(h)(i) | 27,251 | |||||||
| Other Assets in Excess of Liabilities (3.8%) | 1,070 | |||||||
| Net Assets (100.0%) | $ | 28,321 | ||||||
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund’s prospectus and/or statement of additional information relating to geographic classifications.
| @ | Value is less than $500. |
| ‡ | Amount is less than 0.05%. |
| (a) | Non-income producing security. |
| (b) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2023, were approximately $4,000 and $5,000 respectively. The Fund received cash collateral of approximately $5,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Consolidated Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand. |
| (c) | Security trades on the Hong Kong exchange. |
| (d) | Rate shown is the yield to maturity at September 30, 2023. |
| (e) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2023, advisory fees paid were reduced by approximately $10,000 relating to the Fund's investment in the Liquidity Funds. |
| (f) | The approximate fair value and percentage of net assets, $532,000 and 1.9%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
| (g) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions. |
| (h) | Securities are available for collateral in connection with foreign currency forward exchange contracts, futures contracts and swap agreements. |
| (i) | At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $485,000 and the aggregate gross unrealized depreciation is approximately $972,000, resulting in net unrealized depreciation of approximately $487,000. |
| ADR | American Depositary Receipt. |
| TSX | Toronto Stock Exchange. |
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report − September 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Multi-Asset Real Return Portfolio
Foreign Currency Forward Exchange Contracts:
The Fund had the following foreign currency forward exchange contracts open at September 30, 2023:
| Counterparty | Contracts to Deliver (000) | In Exchange For (000) | Delivery Date | Unrealized Appreciation (Depreciation) (000) | ||||||||
| BNP Paribas SA | EUR | 81 | $ | 87 | 12/14/23 | $ | 1 | |||||
| Citibank NA | JPY | 90 | $ | 1 | 12/14/23 | — | @ | |||||
| Citibank NA | $ | 2 | CHF | 2 | 12/14/23 | (— | @) | |||||
| Goldman Sachs International | EUR | 5 | $ | 5 | 12/14/23 | — | @ | |||||
| Goldman Sachs International | JPY | 5,670 | $ | 39 | 12/14/23 | 1 | ||||||
| Goldman Sachs International | $ | 10 | CHF | 9 | 12/14/23 | (— | @) | |||||
| JPMorgan Chase Bank NA | GBP | 9 | $ | 12 | 12/14/23 | — | @ | |||||
| JPMorgan Chase Bank NA | $ | 1 | CAD | 1 | 12/14/23 | (— | @) | |||||
| $ | 2 | |||||||||||
Futures Contracts:
The Fund had the following futures contracts open at September 30, 2023:
| Number of Contracts | Expiration Date | Notional Amount (000) | Value (000) | Unrealized Appreciation (Depreciation) (000) | |||||||||||||
| Long: | |||||||||||||||||
| ICE Brent Crude Oil Index (United States) | 6 | Oct-23 | $ | 6 | $ | 553 | $ | 111 | |||||||||
| 100 OZ Gold Index (United States) | 21 | Dec-23 | 2 | 3,919 | (146 | ) | |||||||||||
| SFE 10 yr. Australian Bond (Australia) | 60 | Dec-23 | AUD | 6,000 | 4,319 | (115 | ) | ||||||||||
| U.S. Treasury 10 yr. Ultra Note (United States) | 26 | Dec-23 | $ | 2,600 | 2,901 | (81 | ) | ||||||||||
| Short: | |||||||||||||||||
| TSE Japanese 10 yr. Bond index (Japan) | 6 | Dec-23 | JPY | (600,000 | ) | (5,820 | ) | 40 | |||||||||
| $ | (191 | ) | |||||||||||||||
Interest Rate Swap Agreements:
The Fund had the following interest rate swap agreements open at September 30, 2023:
| Swap Counterparty | Floating Rate Index | Pay/ Receive Floating Rate | Fixed Rate | Payment Frequency Paid/ Received | Maturity Date | Notional Amount (000) | Value (000) | Upfront Payment Received (000) | Unrealized Appreciation (Depreciation) (000) | ||||||||||||||||
| Morgan Stanley & Co. LLC* | US CPI All Urban Consumers Index | Pay | (2.92 | )% | Semi-Annual/ Quarterly | 3/3/32 | USD | 1,972 | $ | 23 | $ | — | $ | 23 | |||||||||||
| Morgan Stanley & Co. LLC* | US CPI All Urban Consumers Index | Pay | (2.59 | ) | Semi-Annual/ Quarterly | 7/12/33 | 9,549 | 35 | — | 35 | |||||||||||||||
| Morgan Stanley & Co. LLC* | Euro-stat Eurozone HICP ex Tobacco Index | Pay | (2.4 | ) | Semi-Annual/ Quarterly | 3/15/33 | EUR | 7,252 | 155 | — | 155 | ||||||||||||||
| Morgan Stanley & Co. LLC* | Euro-stat Eurozone HICP ex Tobacco Index | Pay | 2.46 | Semi-Annual/ Quarterly | 3/15/28 | 7,197 | (83 | ) | — | (83 | ) | ||||||||||||||
| Morgan Stanley & Co. LLC* | US CPI All Urban Consumers Index | Pay | 2.59 | Semi-Annual/ Quarterly | 3/13/28 | USD | 2,433 | (5 | ) | (— | @) | (5 | ) | ||||||||||||
| Morgan Stanley & Co. LLC* | US CPI All Urban Consumers Index | Pay | 3.28 | Semi-Annual/ Quarterly | 3/3/27 | 5,195 | (37 | ) | — | (37 | ) | ||||||||||||||
| $ | 88 | $ | (— | @) | $ | 88 | |||||||||||||||||||
Total Return Swap Agreement:
The Fund had the following total return swap agreement open at September 30, 2023:
| Swap Counterparty | Index | Pay/ Receive Total Return of Reference Index | Floating Rate | Payment Frequency | Maturity Date | Notional Amount (000) | Value (000) | Upfront Payment Paid (000) | Unrealized Depreciation (000) | ||||||||||||||||
| BNP Paribas SA | S&P GSCI Total Return Index | Pay | SOFR + 0.12% | Quarterly | 7/19/24 | $ | (721 | ) | $ | (47 | ) | $ | — | @ | $ | (47 | ) | ||||||||
| @ | Value is less than $500. |
| * | Cleared swap agreement, the broker is Morgan Stanley & Co. LLC. |
| Portfolio Composition* | |||
| Classification | Percentage of Total Investments | ||
| U.S. Treasury Securities | 68.6 | % | |
| Short-Term Investments | 25.8 | ||
| Other** | 5.6 | ||
| Total Investments | 100.0 | %*** |
| * | Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2023. |
| ** | Industries and/or investment types representing less than 5% of total investments. |
| *** | Does not include open long/short futures contracts with a value of approximately $17,512,000 and net unrealized depreciation of approximately $191,000. Does not include open foreign currency forward exchange contracts with net unrealized appreciation of approximately $2,000. Also does not include open swap agreements with net unrealized appreciation of approximately $41,000. |
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Portfolio of Investments
Next Gen Emerging Markets Portfolio
| Shares | Value (000) | |||||||
| Common Stocks (97.8%) | ||||||||
| Bangladesh (2.4%) | ||||||||
| BRAC Bank Ltd. | 2,417,092 | $ | 785 | |||||
| Brazil (1.0%) | ||||||||
| Locaweb Servicos de Internet SA | 261,031 | 332 | ||||||
| Indonesia (14.0%) | ||||||||
| Bank Mandiri Persero Tbk PT | 4,288,300 | 1,669 | ||||||
| Champ Resto Indonesia Tbk PT | 4,702,300 | 401 | ||||||
| Cisarua Mountain Dairy PT TBK | 2,416,600 | 620 | ||||||
| Industri Jamu Dan Farmasi Sido Muncul Tbk PT | 20,323,400 | 776 | ||||||
| Medikaloka Hermina Tbk PT | 13,123,400 | 1,112 | ||||||
| 4,578 | ||||||||
| Kazakhstan (10.1%) | ||||||||
| Halyk Savings Bank of Kazakhstan JSC GDR | 24,329 | 325 | ||||||
| Kaspi.KZ JSC GDR (Registered) | 13,907 | 1,342 | ||||||
| NAC Kazatomprom JSC GDR | 36,564 | 1,613 | ||||||
| 3,280 | ||||||||
| Kenya (2.9%) | ||||||||
| Safaricom PLC | 9,365,242 | 930 | ||||||
| Pakistan (3.0%) | ||||||||
| Systems Ltd. | 715,003 | 975 | ||||||
| Philippines (9.1%) | ||||||||
| Bank of the Philippine Islands | 449,220 | 889 | ||||||
| BDO Unibank, Inc. | 343,340 | 859 | ||||||
| Century Pacific Food, Inc. | 2,483,700 | 1,230 | ||||||
| 2,978 | ||||||||
| Poland (16.0%) | ||||||||
| 11 bit studios SA (a) | 10,028 | 1,640 | ||||||
| Grupa Kety SA | 6,738 | 1,015 | ||||||
| LPP SA | 294 | 872 | ||||||
| Text SA | 51,010 | 1,695 | ||||||
| 5,222 | ||||||||
| Singapore (1.9%) | ||||||||
| Delfi Ltd. | 670,800 | 622 | ||||||
| South Africa (2.4%) | �� | |||||||
| Anglo American PLC | 28,811 | 797 | ||||||
| United Kingdom (3.0%) | ||||||||
| Airtel Africa PLC | 644,957 | 986 | ||||||
| United States (9.8%) | ||||||||
| EPAM Systems, Inc. (a) | 3,710 | 948 | ||||||
| Grid Dynamics Holdings, Inc. (a) | 83,966 | 1,023 | ||||||
| MercadoLibre, Inc. (a) | 960 | 1,217 | ||||||
| 3,188 | ||||||||
| Vietnam (22.2%) | ||||||||
| Bank for Foreign Trade of Vietnam JSC (a) | 234,657 | 843 | ||||||
| Binh Minh Plastics JSC | 105,100 | 371 | ||||||
| FPT Corp. | 690,830 | 2,634 | ||||||
| Mobile World Investment Corp. | 652,388 | 1,409 | ||||||
| Phu Nhuan Jewelry JSC | 247,700 | 802 | ||||||
| Vietnam Dairy Products JSC | 380,292 | 1,160 | ||||||
| 7,219 | ||||||||
| Total Common Stocks (Cost $27,890) | 31,892 | |||||||
| Short-Term Investment (2.9%) | ||||||||
| Investment Company (2.9%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class (b) (Cost $935) | 935,238 | 935 | ||||||
| Total Investments (100.7%) (Cost $28,825) (c)(d)(e) | 32,827 | |||||||
| Liabilities in Excess of Other Assets (–0.7%) | (232 | ) | ||||||
| Net Assets (100.0%) | $ | 32,595 | ||||||
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund’s prospectus and/or statement of additional information relating to geographic classifications.
| (a) | Non-income producing security. |
| (b) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2023, advisory fees paid were reduced by approximately $1,000 relating to the Fund's investment in the Liquidity Funds. |
| (c) | The approximate fair value and percentage of net assets, $27,586,000 and 84.6%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
| (d) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions. |
| (e) | At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $6,394,000 and the aggregate gross unrealized depreciation is approximately $2,392,000, resulting in net unrealized appreciation of approximately $4,002,000. |
| GDR | Global Depositary Receipt. |
| Portfolio Composition | ||||
| Classification | Percentage of Total Investments | |||
| Other* | 27.9 | % | ||
| Information Technology Services | 18.0 | |||
| Banks | 16.4 | |||
| Food Products | 11.1 | |||
| Wireless Telecommunication Services | 5.8 | |||
| Metals & Mining | 5.5 | |||
| Software | 5.2 | |||
| Textiles, Apparel & Luxury Goods | 5.1 | |||
| Entertainment | 5.0 | |||
| Total Investments | 100.0 | % | ||
| * | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Portfolio of Investments
Passport Overseas Equity Portfolio
| Shares | Value (000) | |||||||
| Common Stocks (98.9%) | ||||||||
| Argentina (3.1%) | ||||||||
| Despegar.com Corp. (a)(b) | 707,438 | $ | 5,129 | |||||
| Brazil (1.9%) | ||||||||
| Itau Unibanco Holding SA (Preference) ADR | 372,299 | 1,999 | ||||||
| Vale SA | 89,697 | 1,206 | ||||||
| 3,205 | ||||||||
| Canada (4.6%) | ||||||||
| Agnico Eagle Mines Ltd. | 36,511 | 1,659 | ||||||
| Canadian National Railway Co. (a) | 27,062 | 2,932 | ||||||
| First Quantum Minerals Ltd. | 52,016 | 1,229 | ||||||
| Teck Resources Ltd., Class B | 23,894 | 1,029 | ||||||
| Tourmaline Oil Corp. | 17,370 | 874 | ||||||
| 7,723 | ||||||||
| China (6.9%) | ||||||||
| Alibaba Group Holding Ltd. ADR (b) | 79,831 | 6,925 | ||||||
| China Resources Beer Holdings Co. Ltd. (c) | 130,000 | 710 | ||||||
| Tencent Holdings Ltd. (c) | 49,800 | 1,930 | ||||||
| Tencent Holdings Ltd. ADR (a) | 50,084 | 1,937 | ||||||
| 11,502 | ||||||||
| Denmark (1.9%) | ||||||||
| Novo Nordisk AS, Class B | 34,014 | 3,097 | ||||||
| France (8.6%) | ||||||||
| Air Liquide SA | 7,756 | 1,306 | ||||||
| Airbus SE | 24,825 | 3,323 | ||||||
| Hermes International | 340 | 620 | ||||||
| L'Oreal SA | 3,130 | 1,297 | ||||||
| Legrand SA | 5,410 | 497 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE | 896 | 676 | ||||||
| Pernod Ricard SA | 5,534 | 922 | ||||||
| Sanofi | 20,836 | 2,237 | ||||||
| Technip Energies NV | 43,015 | 1,068 | ||||||
| TotalEnergies SE | 25,517 | 1,678 | ||||||
| Verallia SA | 21,270 | 842 | ||||||
| 14,466 | ||||||||
| Germany (11.5%) | ||||||||
| Bayer AG (Registered) | 133,417 | 6,407 | ||||||
| CTS Eventim AG & Co. KGaA | 17,063 | 968 | ||||||
| Infineon Technologies AG | 47,306 | 1,567 | ||||||
| Jungheinrich AG (Preference) | 27,185 | 813 | ||||||
| KION Group AG | 37,120 | 1,420 | ||||||
| Linde PLC | 11,745 | 4,370 | ||||||
| Rheinmetall AG | 5,939 | 1,528 | ||||||
| Siemens Healthineers AG | 43,179 | 2,184 | ||||||
| 19,257 | ||||||||
| India (5.0%) | ||||||||
| Apollo Hospitals Enterprise Ltd. | 18,656 | 1,152 | ||||||
| HDFC Bank Ltd. ADR | 47,503 | 2,803 | ||||||
| ICICI Bank Ltd. | 107,392 | 1,231 | ||||||
| ICICI Prudential Life Insurance Co. Ltd. | 118,294 | 805 | ||||||
| Jio Financial Services Ltd. (b) | 41,078 | 114 | ||||||
| Reliance Industries Ltd. | 41,078 | 1,157 | ||||||
| State Bank of India | 158,745 | 1,140 | ||||||
| 8,402 | ||||||||
| Ireland (1.6%) | ||||||||
| Ryanair Holdings PLC ADR (b) | 27,334 | 2,657 | ||||||
| Israel (0.6%) | ||||||||
| CyberArk Software Ltd. (b) | 5,700 | 933 | ||||||
| Japan (7.7%) | ||||||||
| FANUC Corp. | 21,750 | 566 | ||||||
| Hoya Corp. | 6,200 | 635 | ||||||
| Keyence Corp. | 5,600 | 2,071 | ||||||
| Nikon Corp. | 187,800 | 1,978 | ||||||
| Shimano, Inc. | 3,650 | 489 | ||||||
| Shiseido Co. Ltd. | 7,600 | 266 | ||||||
| SMC Corp. | 1,805 | 809 | ||||||
| Sony Group Corp. | 30,493 | 2,494 | ||||||
| Sony Group Corp. ADR | 22,101 | 1,821 | ||||||
| Tokyo Electron Ltd. | 10,200 | 1,393 | ||||||
| Unicharm Corp. | 11,100 | 392 | ||||||
| 12,914 | ||||||||
| Korea, Republic of (4.2%) | ||||||||
| Samsung Electronics Co. Ltd. | 114,545 | 5,791 | ||||||
| SK Hynix, Inc. | 15,056 | 1,274 | ||||||
| 7,065 | ||||||||
| Netherlands (3.6%) | ||||||||
| Akzo Nobel NV | 11,091 | 800 | ||||||
| ASML Holding NV | 4,026 | 2,371 | ||||||
| Universal Music Group NV | 70,366 | 1,836 | ||||||
| Wolters Kluwer NV | 8,625 | 1,044 | ||||||
| 6,051 | ||||||||
| Norway (2.4%) | ||||||||
| Adevinta ASA (b) | 399,469 | 3,935 | ||||||
| Singapore (2.2%) | ||||||||
| Sea Ltd. ADR (b) | 83,911 | 3,688 | ||||||
| South Africa (2.7%) | ||||||||
| Impala Platinum Holdings Ltd. (a) | 163,883 | 854 | ||||||
| Sibanye Stillwater Ltd. (a) | 191,769 | 294 | ||||||
| Sibanye Stillwater Ltd. ADR (a) | 184,300 | 1,137 | ||||||
| Thungela Resources Ltd. (a) | 245,623 | 2,238 | ||||||
| 4,523 | ||||||||
| Spain (0.3%) | ||||||||
| Amadeus IT Group SA | 9,448 | 571 | ||||||
| Switzerland (2.3%) | ||||||||
| Nestle SA (Registered) | 33,964 | 3,845 | ||||||
| Taiwan (3.1%) | ||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 201,000 | 3,277 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 22,069 | 1,918 | ||||||
| 5,195 | ||||||||
| United Kingdom (17.6%) | ||||||||
| Anglo American PLC | 60,799 | 1,670 | ||||||
| AstraZeneca PLC | 35,149 | 4,741 | ||||||
| Diageo PLC | 63,527 | 2,342 | ||||||
| Experian PLC | 61,841 | 2,023 | ||||||
| Glencore PLC | 1,167,847 | 6,650 | ||||||
| Shell PLC | 174,951 | 5,545 | ||||||
| Unilever PLC | 38,099 | 1,886 | ||||||
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Portfolio of Investments (cont'd)
Passport Overseas Equity Portfolio
| Shares | Value (000) | |||||||
| Unilever PLC ADR | 33,864 | $ | 1,673 | |||||
| Unilever PLC CVA | 59,997 | 2,968 | ||||||
| 29,498 | ||||||||
| United States (7.1%) | ||||||||
| Farfetch Ltd., Class A (a)(b) | 222,194 | 465 | ||||||
| Medtronic PLC | 22,860 | 1,791 | ||||||
| MercadoLibre, Inc. (b) | 2,084 | 2,642 | ||||||
| Newmont Corp. (NYSE) | 23,513 | 868 | ||||||
| Newmont Corp. (TSX) | 67,941 | 2,511 | ||||||
| Schlumberger NV | 22,674 | 1,322 | ||||||
| Vertex Pharmaceuticals, Inc. (b) | 6,361 | 2,212 | ||||||
| 11,811 | ||||||||
| Total Common Stocks (Cost $147,714) | 165,467 | |||||||
| Preferred Stock (0.8%) | ||||||||
| United States (0.8%) | ||||||||
| Neurogenesis, Inc., Series A (b)(d)(e) (acquisition cost — $1,250; acquired 12/16/21) | 32,692 | 1,250 | ||||||
| Short-Term Investments (2.4%) | ||||||||
| Investment Company (0.8%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (f) (Cost $1,275) | 1,275,435 | 1,275 | ||||||
| Securities held as Collateral on Loaned Securities (1.6%) | ||||||||
| Investment Company (1.3%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (f) | 2,264,593 | 2,264 | ||||||
| Face Amount (000) | ||||||||
| Repurchase Agreements (0.3%) | ||||||||
| Citigroup, Inc., (5.25%, dated 9/29/23, due 10/2/23; proceeds $157; fully collateralized by U.S. Government obligations; 0.13% - 2.88% due 10/31/23 - 5/15/52; valued at $160) | $ | 157 | 157 | |||||
| Merrill Lynch & Co., Inc., (5.29%, dated 9/29/23, due 10/2/23; proceeds $343; fully collateralized by a U.S. Government obligation; 2.75% due 5/31/29; valued at $350) | 343 | 343 | ||||||
| 500 | ||||||||
| Total Securities held as Collateral on Loaned Securities (Cost $2,764) | 2,764 | |||||||
| Total Short-Term Investments (Cost $4,039) | 4,039 | |||||||
| Total Investments (102.1%) (Cost $153,003) Including $7,824 of Securities Loaned (g)(h)(i)(j) | 170,756 | |||||||
| Liabilities in Excess of Other Assets (–2.1%) | (3,482 | ) | ||||||
| Net Assets (100.0%) | $ | 167,274 | ||||||
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund’s prospectus and/or statement of additional information relating to geographic classifications.
| (a) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2023, were approximately $7,824,000 and $8,048,000 respectively. The Fund received cash collateral of approximately $2,764,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Portfolio of Investments. The remaining collateral of approximately $5,284,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand. |
| (b) | Non-income producing security. |
| (c) | Security trades on the Hong Kong exchange. |
| (d) | Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities (excluding 144A holdings) at September 30, 2023 amounts to approximately $1,250,000 and represents 0.8% of net assets. |
| (e) | At September 30, 2023, the Fund held a fair valued security valued at approximately $1,250,000, representing 0.8% of net assets. This security has been fair valued as determined in good faith under procedures established by and under the general supervision of the Company's (as defined herein) Directors. |
| (f) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2023, advisory fees paid were reduced by approximately $5,000 relating to the Fund's investment in the Liquidity Funds. |
| (g) | The approximate fair value and percentage of net assets, $111,150,000 and 66.4%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
| (h) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions. |
| (i) | Securities are available for collateral in connection with open foreign currency forward exchange contracts. |
| (j) | At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $37,624,000 and the aggregate gross unrealized depreciation is approximately $19,815,000, resulting in net unrealized appreciation of approximately $17,809,000. |
| ADR | American Depositary Receipt. |
| CVA | Certificaten Van Aandelen. |
| NYSE | New York Stock Exchange. |
| TSX | Toronto Stock Exchange. |
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report − September 30, 2023 (unaudited)
Portfolio of Investments (cont'd)
Passport Overseas Equity Portfolio
Foreign Currency Forward Exchange Contracts:
The Fund had the following foreign currency forward exchange contracts open at September 30, 2023:
| Counterparty | Contracts to Deliver (000) | In Exchange For (000) | Delivery Date | Unrealized Appreciation (000) | |||||||||
| Barclays Bank PLC | EUR | 1,479 | $ | 1,592 | 12/14/23 | $ | 22 | ||||||
| Citibank NA | EUR | 1,593 | $ | 1,714 | 12/14/23 | 24 | |||||||
| Goldman Sachs International | EUR | 633 | $ | 682 | 12/14/23 | 10 | |||||||
| $ | 56 | ||||||||||||
| EUR | — | Euro |
| Portfolio Composition* | ||||
| Classification | Percentage of Total Investments | |||
| Other** | 59.3 | % | ||
| Metals & Mining | 11.4 | |||
| Pharmaceuticals | 9.8 | |||
| Semiconductors & Semiconductor Equipment | 7.0 | |||
| Oil, Gas & Consumable Fuels | 6.8 | |||
| Broadline Retail | 5.7 | |||
| Total Investments | 100.0 | %*** | ||
| * | Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2023. |
| * | Industries and/or investment types representing less than 5% of total investments. |
| *** | Does not include open foreign currency forward exchange contracts with total unrealized appreciation of approximately $56,000. |
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Consolidated Portfolio of Investments
Permanence Portfolio
| Shares | Value (000) | |||||||
| Common Stocks (96.0%) | ||||||||
| Aerospace & Defense (2.8%) | ||||||||
| Axon Enterprise, Inc. (a) | 24 | $ | 5 | |||||
| Babcock International Group PLC (United Kingdom) (a) | 21,258 | 107 | ||||||
| HEICO Corp., Class A | 35 | 4 | ||||||
| TransDigm Group, Inc. (a) | 5 | 4 | ||||||
| 120 | ||||||||
| Broadline Retail (6.3%) | ||||||||
| Amazon.com, Inc. (a) | 2,150 | 273 | ||||||
| Capital Markets (6.9%) | ||||||||
| Intercontinental Exchange, Inc. | 2,063 | 227 | ||||||
| MSCI, Inc. | 9 | 5 | ||||||
| S&P Global, Inc. | 174 | 64 | ||||||
| 296 | ||||||||
| Chemicals (0.2%) | ||||||||
| Ecolab, Inc. | 26 | 5 | ||||||
| Sherwin-Williams Co. | 17 | 4 | ||||||
| 9 | ||||||||
| Commercial Services & Supplies (4.1%) | ||||||||
| Cintas Corp. | 10 | 5 | ||||||
| Copart, Inc. (a) | 106 | 5 | ||||||
| Rentokil Initial PLC (United Kingdom) | 21,854 | 162 | ||||||
| Rollins, Inc. | 116 | 4 | ||||||
| 176 | ||||||||
| Construction Materials (0.1%) | ||||||||
| Martin Marietta Materials, Inc. | 11 | 5 | ||||||
| Consumer Staples Distribution & Retail (2.9%) | ||||||||
| Dollar General Corp. | 1,199 | 127 | ||||||
| Distributors (1.6%) | ||||||||
| Pool Corp. | 195 | 69 | ||||||
| Diversified Consumer Services (0.1%) | ||||||||
| Service Corp. International | 73 | 4 | ||||||
| Diversified REITs (1.5%) | ||||||||
| American Tower Corp. REIT | 393 | 65 | ||||||
| Entertainment (1.1%) | ||||||||
| Netflix, Inc. (a) | 72 | 27 | ||||||
| Walt Disney Co. (a) | 265 | 22 | ||||||
| 49 | ||||||||
| Financial Services (1.4%) | ||||||||
| Toast, Inc., Class A (a) | 3,214 | 60 | ||||||
| Food Products (0.1%) | ||||||||
| McCormick & Co., Inc. | 55 | 4 | ||||||
| Ground Transportation (3.4%) | ||||||||
| Union Pacific Corp. | 724 | 147 | ||||||
| Health Care Equipment & Supplies (0.1%) | ||||||||
| Intuitive Surgical, Inc. (a) | 16 | 5 | ||||||
| Health Care Technology (0.9%) | ||||||||
| Veeva Systems, Inc., Class A (a) | 203 | 41 | ||||||
| Hotels, Restaurants & Leisure (0.3%) | ||||||||
| Domino's Pizza, Inc. | 12 | 5 | ||||||
| McDonald's Corp. | 17 | 4 | ||||||
| Starbucks Corp. | 48 | 4 | ||||||
| 13 | ||||||||
| Household Durables (4.4%) | ||||||||
| NVR, Inc. (a) | 7 | 42 | ||||||
| Victoria PLC (United Kingdom) (a) | 23,113 | 146 | ||||||
| 188 | ||||||||
| Information Technology Services (10.5%) | ||||||||
| Cloudflare, Inc., Class A (a) | 6,133 | 386 | ||||||
| Gartner, Inc. (a) | 191 | 66 | ||||||
| 452 | ||||||||
| Insurance (2.8%) | ||||||||
| Brown & Brown, Inc. | 1,733 | 121 | ||||||
| Interactive Media & Services (4.1%) | ||||||||
| Alphabet, Inc., Class C (a) | 1,349 | 178 | ||||||
| Life Sciences Tools & Services (9.2%) | ||||||||
| Danaher Corp. | 706 | 175 | ||||||
| Eurofins Scientific SE (France) | 2,687 | 152 | ||||||
| Illumina, Inc. (a) | 482 | 66 | ||||||
| Thermo Fisher Scientific, Inc. | 8 | 4 | ||||||
| 397 | ||||||||
| Metals & Mining (1.6%) | ||||||||
| Royal Gold, Inc. | 639 | 68 | ||||||
| Oil, Gas & Consumable Fuels (1.8%) | ||||||||
| Texas Pacific Land Corp. | 42 | 77 | ||||||
| Personal Care Products (0.1%) | ||||||||
| Estee Lauder Cos., Inc., Class A | 31 | 4 | ||||||
| Pharmaceuticals (5.1%) | ||||||||
| Royalty Pharma PLC, Class A (United Kingdom) | 7,900 | 215 | ||||||
| Zoetis, Inc. | 24 | 4 | ||||||
| 219 | ||||||||
| Semiconductors & Semiconductor Equipment (1.0%) | ||||||||
| ASML Holding NV (Registered) (Netherlands) | 74 | 44 | ||||||
| Software (9.5%) | ||||||||
| Cadence Design Systems, Inc. (a) | 21 | 5 | ||||||
| Constellation Software, Inc. (Canada) | 58 | 120 | ||||||
| Lumine Group, Inc. (Canada) (a) | 300 | 4 | ||||||
| Procore Technologies, Inc. (a) | 1,144 | 75 | ||||||
| Roper Technologies, Inc. | 10 | 5 | ||||||
| ServiceNow, Inc. (a) | 77 | 43 | ||||||
| Synopsys, Inc. (a) | 11 | 5 | ||||||
| Topicus.com, Inc. (Canada) (a) | 1,570 | 104 | ||||||
| Tyler Technologies, Inc. (a) | 127 | 49 | ||||||
| 410 | ||||||||
| Specialty Retail (8.3%) | ||||||||
| AutoZone, Inc. (a) | 9 | 23 | ||||||
| Floor & Decor Holdings, Inc., Class A (a) | 2,266 | 205 | ||||||
| Home Depot, Inc. | 224 | 68 | ||||||
| Tractor Supply Co. | 306 | 62 | ||||||
| 358 | ||||||||
| Textiles, Apparel & Luxury Goods (2.5%) | ||||||||
| Christian Dior SE (France) | 147 | 108 | ||||||
| Trading Companies & Distributors (1.3%) | ||||||||
| Fastenal Co. | 81 | 4 | ||||||
| Watsco, Inc. | 132 | 50 | ||||||
| 54 | ||||||||
| Total Common Stocks (Cost $3,996) | 4,141 | |||||||
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Permanence Portfolio
| Shares | Value (000) | |||||||
| Investment Company (1.2%) | ||||||||
| Grayscale Bitcoin Trust (a) (Cost $54) | 2,814 | $ | 54 | |||||
| No. of Warrants | ||||||||
| Warrant (0.0%)‡ | ||||||||
| Software (0.0%)‡ | ||||||||
| Constellation Software, Inc., expires 3/31/40 (a) (Cost $—) | 58 | — | @ | |||||
| Shares | ||||||||
| Short-Term Investment (3.0%) | ||||||||
| Investment Company (3.0%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (b) (Cost $128) | 128,358 | 128 | ||||||
| Total Investments Excluding Purchased Options (100.2%) (Cost $4,178) | 4,323 | |||||||
| Total Purchased Options Outstanding (0.3%) (Cost $13) | 14 | |||||||
| Total Investments (100.5%) (Cost $4,191) (c)(d)(e)(f) | 4,337 | |||||||
| Liabilities in Excess of Other Assets (–0.5%) | (23 | ) | ||||||
| Net Assets (100.0%) | $ | 4,314 | ||||||
| ‡ | Amount is less than 0.05%. |
| (a) | Non-income producing security. |
| (b) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2023, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Funds. |
| (c) | The approximate fair value and percentage of net assets, $675,000 and 15.6%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
| (d) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions. |
| (e) | Securities are available for collateral in connection with purchased options. |
| (f) | At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $443,000 and the aggregate gross unrealized depreciation is approximately $297,000, resulting in net unrealized appreciation of approximately $146,000. |
| REIT | Real Estate Investment Trust. |
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Permanence Portfolio
Call Options Purchased:
The Fund had the following call options purchased open at September 30, 2023:
| Counterparty | Description | Strike Price | Expiration Date | Number of Contracts | Notional Amount (000) | Value (000) | Premiums Paid (000) | Unrealized Appreciation (Depreciation) (000) | ||||||||||||||||||||
| JPMorgan Chase Bank NA | USD/CNH | CNH | 7.43 | Jan–24 | 765,238 | $ | 765 | $ | 3 | $ | 3 | $ | (— | @) | ||||||||||||||
| Standard Chartered Bank | USD/CNH | CNH | 7.57 | May–24 | 1,105,323 | 1,105 | 6 | 5 | 1 | |||||||||||||||||||
| JPMorgan Chase Bank NA | USD/CNH | CNH | 7.79 | Aug–24 | 1,263,287 | 1,263 | 5 | 5 | (— | @) | ||||||||||||||||||
| Goldman Sachs International | USD/CNH | CNH | 7.87 | Oct–23 | 6,257 | 6 | — | @ | — | @ | (— | @) | ||||||||||||||||
| $ | 14 | $ | 13 | $ | 1 | |||||||||||||||||||||||
| @ | Value is less than $500. | |
| CNH | — | Chinese Yuan Renminbi Offshore |
| USD | — | United States Dollar |
Portfolio Composition
| Classification | Percentage of Total Investments | |||
| Other* | 44.7 | % | ||
| Information Technology Services | 10.4 | |||
| Software | 9.4 | |||
| Life Sciences Tools & Services | 9.2 | |||
| Specialty Retail | 8.2 | |||
| Capital Markets | 6.8 | |||
| Broadline Retail | 6.3 | |||
| Pharmaceuticals | 5.0 | |||
| Total Investments | 100.0 | % | ||
| * | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Portfolio of Investments
US Core Portfolio
| Shares | Value (000) | |||||||
| Common Stocks (100.1%) | ||||||||
| Banks (4.0%) | ||||||||
| JPMorgan Chase & Co. | 55,736 | $ | 8,083 | |||||
| Broadline Retail (3.3%) | ||||||||
| Amazon.com, Inc. (a) | 52,726 | 6,702 | ||||||
| Building Products (1.4%) | ||||||||
| Fortune Brands Innovations, Inc. | 46,295 | 2,878 | ||||||
| Capital Markets (4.2%) | ||||||||
| Ameriprise Financial, Inc. | 25,609 | 8,443 | ||||||
| Commercial Services & Supplies (2.4%) | ||||||||
| Waste Management, Inc. | 32,359 | 4,933 | ||||||
| Consumer Staples Distribution & Retail (4.5%) | ||||||||
| Costco Wholesale Corp. | 16,123 | 9,109 | ||||||
| Containers & Packaging (0.6%) | ||||||||
| Graphic Packaging Holding Co. | 55,036 | 1,226 | ||||||
| Distributors (0.9%) | ||||||||
| Pool Corp. | 5,094 | 1,814 | ||||||
| Electric Utilities (2.1%) | ||||||||
| NextEra Energy, Inc. | 75,507 | 4,326 | ||||||
| Entertainment (0.4%) | ||||||||
| Netflix, Inc. (a) | 2,015 | 761 | ||||||
| Financial Services (4.7%) | ||||||||
| Jack Henry & Associates, Inc. | 15,457 | 2,336 | ||||||
| Mastercard, Inc., Class A | 17,986 | 7,121 | ||||||
| 9,457 | ||||||||
| Health Care Equipment & Supplies (1.3%) | ||||||||
| Edwards Lifesciences Corp. (a) | 38,146 | 2,643 | ||||||
| Hotels, Restaurants & Leisure (5.0%) | ||||||||
| McDonald's Corp. | 28,404 | 7,482 | ||||||
| MGM Resorts International | 71,050 | 2,612 | ||||||
| 10,094 | ||||||||
| Household Durables (1.3%) | ||||||||
| Lennar Corp., Class A | 22,745 | 2,553 | ||||||
| Insurance (5.9%) | ||||||||
| Brown & Brown, Inc. | 93,481 | 6,529 | ||||||
| Progressive Corp. | 38,443 | 5,355 | ||||||
| 11,884 | ||||||||
| Interactive Media & Services (8.5%) | ||||||||
| Alphabet, Inc., Class A (a) | 131,831 | 17,251 | ||||||
| Life Sciences Tools & Services (4.4%) | ||||||||
| Danaher Corp. | 11,224 | 2,785 | ||||||
| West Pharmaceutical Services, Inc. | 16,423 | 6,162 | ||||||
| 8,947 | ||||||||
| Metals & Mining (1.8%) | ||||||||
| Nucor Corp. | 22,989 | 3,594 | ||||||
| Oil, Gas & Consumable Fuels (4.3%) | ||||||||
| Chevron Corp. | 27,935 | 4,710 | ||||||
| Valero Energy Corp. | 28,697 | 4,067 | ||||||
| 8,777 | ||||||||
| Semiconductors & Semiconductor Equipment (8.6%) | ||||||||
| Applied Materials, Inc. | 52,350 | 7,248 | ||||||
| Lam Research Corp. | 3,796 | 2,379 | ||||||
| NVIDIA Corp. | 17,679 | 7,690 | ||||||
| 17,317 | ||||||||
| Software (11.5%) | ||||||||
| Microsoft Corp. | 63,686 | 20,109 | ||||||
| Tyler Technologies, Inc. (a) | 8,468 | 3,270 | ||||||
| 23,379 | ||||||||
| Specialty Retail (5.5%) | ||||||||
| Home Depot, Inc. | 13,619 | 4,115 | ||||||
| TJX Cos., Inc. | 80,158 | 7,124 | ||||||
| 11,239 | ||||||||
| Tech Hardware, Storage & Peripherals (8.5%) | ||||||||
| Apple, Inc. | 101,102 | 17,310 | ||||||
| Textiles, Apparel & Luxury Goods (1.9%) | ||||||||
| Lululemon Athletica, Inc. (a) | 10,111 | 3,899 | ||||||
| Trading Companies & Distributors (3.1%) | ||||||||
| United Rentals, Inc. | 13,946 | 6,200 | ||||||
| Total Investments (100.1%) (Cost $172,229) (b)(c) | 202,819 | |||||||
| Liabilities in Excess of Other Assets (–0.1%) | (283 | ) | ||||||
| Net Assets (100.0%) | $ | 202,536 | ||||||
| (a) | Non-income producing security. |
| (b) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions. |
| (c) | At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $33,956,000 and the aggregate gross unrealized depreciation is approximately $3,366,000, resulting in net unrealized appreciation of approximately $30,590,000. |
Portfolio Composition
| Classification | Percentage of Total Investments | |||
| Other* | 46.6 | % | ||
| Software | 11.5 | |||
| Semiconductors & Semiconductor Equipment | 8.5 | |||
| Tech Hardware, Storage & Peripherals | 8.5 | |||
| Interactive Media & Services | 8.5 | |||
| Insurance | 5.9 | |||
| Specialty Retail | 5.5 | |||
| Hotels, Restaurants & Leisure | 5.0 | |||
| Total Investments | 100.0 | % | ||
| * | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Portfolio of Investments
U.S. Focus Real Estate Portfolio
| Shares | Value (000) | |||||||
| Common Stocks (97.4%) | ||||||||
| Apartments (9.5%) | ||||||||
| AvalonBay Communities, Inc. REIT | 1,080 | $ | 186 | |||||
| Essex Property Trust, Inc. REIT | 949 | 201 | ||||||
| 387 | ||||||||
| Data Centers (14.0%) | ||||||||
| Digital Realty Trust, Inc. REIT | 2,035 | 246 | ||||||
| Equinix, Inc. REIT | 448 | 326 | ||||||
| 572 | ||||||||
| Free Standing (5.3%) | ||||||||
| Agree Realty Corp. REIT | 1,450 | 80 | ||||||
| NETSTREIT Corp. REIT | 3,897 | 61 | ||||||
| Realty Income Corp. REIT | 1,546 | 77 | ||||||
| 218 | ||||||||
| Gaming (4.5%) | ||||||||
| VICI Properties, Inc. REIT | 6,280 | 183 | ||||||
| Health Care (11.4%) | ||||||||
| CareTrust REIT, Inc. | 3,915 | 81 | ||||||
| Welltower, Inc. REIT | 4,665 | 382 | ||||||
| 463 | ||||||||
| Industrial (15.2%) | ||||||||
| Americold Realty Trust, Inc. REIT | 3,349 | 102 | ||||||
| Prologis, Inc. REIT | 3,910 | 439 | ||||||
| Rexford Industrial Realty, Inc. REIT | 1,613 | 79 | ||||||
| 620 | ||||||||
| Infrastructure (8.6%) | ||||||||
| American Tower Corp. REIT | 2,123 | 349 | ||||||
| Lodging/Resorts (1.1%) | ||||||||
| Hilton Worldwide Holdings, Inc. | 287 | 43 | ||||||
| Regional Malls (3.9%) | ||||||||
| Simon Property Group, Inc. REIT | 1,463 | 158 | ||||||
| Self Storage (6.4%) | ||||||||
| Public Storage REIT | 988 | 260 | ||||||
| Shopping Centers (5.3%) | ||||||||
| Brixmor Property Group, Inc. REIT | 5,107 | 106 | ||||||
| Kite Realty Group Trust REIT | 5,164 | 111 | ||||||
| 217 | ||||||||
| Single Family Homes (6.9%) | ||||||||
| American Homes 4 Rent Class A REIT | 8,405 | 283 | ||||||
| Specialty (2.9%) | ||||||||
| Iron Mountain, Inc. REIT | 2,002 | 119 | ||||||
| Timber (2.4%) | ||||||||
| Rayonier, Inc. REIT | 3,381 | 96 | ||||||
| Total Common Stocks (Cost $4,253) | 3,968 | |||||||
| Short-Term Investment (0.9%) | ||||||||
| Investment Company (0.9%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds — Treasury Portfolio — Institutional Class (a) (Cost $38) | 38,158 | 38 | ||||||
| Total Investments (98.3%) (Cost $4,291) (b)(c) | 4,006 | |||||||
| Other Assets in Excess of Liabilities (1.7%) | 70 | |||||||
| Net Assets (100.0%) | $ | 4,076 | ||||||
| (a) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2023, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Funds. |
| (b) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions. |
| (c) | At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $57,000 and the aggregate gross unrealized depreciation is approximately $342,000, resulting in net unrealized depreciation of approximately $285,000. |
| REIT | Real Estate Investment Trust. |
Portfolio Composition
| Classification | Percentage of Total Investments | |||
| Other* | 15.9 | % | ||
| Industrial | 15.5 | |||
| Data Centers | 14.3 | |||
| Health Care | 11.5 | |||
| Apartments | 9.7 | |||
| Infrastructure | 8.7 | |||
| Single Family Homes | 7.1 | |||
| Self Storage | 6.5 | |||
| Free Standing | 5.4 | |||
| Shopping Centers | 5.4 | |||
| Total Investments | 100.0 | % | ||
| * | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Portfolio of Investments
U.S. Real Estate Portfolio
| Shares | Value (000) | |||||||
| Common Stocks (98.6%) | ||||||||
| Apartments (12.2%) | ||||||||
| AvalonBay Communities, Inc. REIT | 9,927 | $ | 1,705 | |||||
| Essex Property Trust, Inc. REIT | 4,576 | 971 | ||||||
| Mid-America Apartment Communities, Inc. REIT | 5,468 | 703 | ||||||
| 3,379 | ||||||||
| Data Centers (14.7%) | ||||||||
| Digital Realty Trust, Inc. REIT | 12,977 | 1,570 | ||||||
| Equinix, Inc. REIT | 3,442 | 2,500 | ||||||
| 4,070 | ||||||||
| Free Standing (6.2%) | ||||||||
| Agree Realty Corp. REIT | 8,996 | 497 | ||||||
| NETSTREIT Corp. REIT | 17,211 | 268 | ||||||
| Realty Income Corp. REIT | 19,335 | 966 | ||||||
| 1,731 | ||||||||
| Gaming (4.8%) | ||||||||
| VICI Properties, Inc. REIT | 45,767 | 1,332 | ||||||
| Health Care (11.2%) | ||||||||
| CareTrust REIT, Inc. | 23,723 | 486 | ||||||
| Ventas, Inc. REIT | 10,360 | 437 | ||||||
| Welltower, Inc. REIT | 26,551 | 2,175 | ||||||
| 3,098 | ||||||||
| Industrial (17.7%) | ||||||||
| Americold Realty Trust, Inc. REIT | 19,985 | 608 | ||||||
| Prologis, Inc. REIT | 34,496 | 3,871 | ||||||
| Rexford Industrial Realty, Inc. REIT | 8,514 | 420 | ||||||
| 4,899 | ||||||||
| Lodging/Resorts (2.6%) | ||||||||
| Hilton Worldwide Holdings, Inc. | 1,190 | 179 | ||||||
| Host Hotels & Resorts, Inc. REIT | 33,211 | 533 | ||||||
| 712 | ||||||||
| Manufactured Homes (2.4%) | ||||||||
| Sun Communities, Inc. REIT | 5,640 | 667 | ||||||
| Office (1.1%) | ||||||||
| Alexandria Real Estate Equities, Inc. REIT | 3,036 | 304 | ||||||
| Regional Malls (4.2%) | ||||||||
| Simon Property Group, Inc. REIT | 10,769 | 1,163 | ||||||
| Self Storage (7.4%) | ||||||||
| Extra Space Storage, Inc. REIT | 4,061 | 494 | ||||||
| Public Storage REIT | 5,931 | 1,563 | ||||||
| 2,057 | ||||||||
| Shopping Centers (6.1%) | ||||||||
| Brixmor Property Group, Inc. REIT | 36,232 | 753 | ||||||
| Kite Realty Group Trust REIT | 35,148 | 753 | ||||||
| Urban Edge Properties REIT | 11,731 | 179 | ||||||
| 1,685 | ||||||||
| Single Family Homes (4.9%) | ||||||||
| American Homes 4 Rent Class A REIT | 39,943 | 1,346 | ||||||
| Specialty (3.1%) | ||||||||
| Iron Mountain, Inc. REIT | 14,388 | 855 | ||||||
| Total Common Stocks (Cost $28,186) | 27,298 | |||||||
| Short-Term Investment (0.9%) | ||||||||
| Investment Company (0.9%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds — Treasury Portfolio — Institutional Class (a) (Cost $260) | 260,496 | 260 | ||||||
| Total Investments (99.5%) (Cost $28,446) (b)(c) | 27,558 | |||||||
| Other Assets in Excess of Liabilities (0.5%) | 125 | |||||||
| Net Assets (100.0%) | $ | 27,683 | ||||||
| (a) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2023, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Funds. |
| (b) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions. |
| (c) | At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,129,000 and the aggregate gross unrealized depreciation is approximately $2,017,000, resulting in net unrealized depreciation of approximately $888,000. |
| REIT | Real Estate Investment Trust. |
Portfolio Composition
| Classification | Percentage of Total Investments | |||
| Other* | 24.0 | % | ||
| Industrial | 17.8 | |||
| Data Centers | 14.8 | |||
| Apartments | 12.3 | |||
| Health Care | 11.2 | |||
| Self Storage | 7.5 | |||
| Free Standing | 6.3 | |||
| Shopping Centers | 6.1 | |||
| Total Investments | 100.0 | % | ||
| * | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report – September 30, 2023 (unaudited)
Portfolio of Investments
Vitality Portfolio
| Shares | Value (000) | |||||||
| Common Stocks (90.3%) | ||||||||
| Biotechnology (26.1%) | ||||||||
| 4D Molecular Therapeutics, Inc. (a) | 1,273 | $ | 16 | |||||
| Alnylam Pharmaceuticals, Inc. (a) | 419 | 74 | ||||||
| Altimmune, Inc. (a) | 1,044 | 3 | ||||||
| Argenx SE ADR (Belgium) (a) | 245 | 121 | ||||||
| Ascendis Pharma AS ADR (Denmark) (a) | 261 | 25 | ||||||
| Beam Therapeutics, Inc. (a) | 1,368 | 33 | ||||||
| Exact Sciences Corp. (a) | 1,207 | 82 | ||||||
| Fate Therapeutics, Inc. N (a) | 1,572 | 3 | ||||||
| Intellia Therapeutics, Inc. (a) | 1,593 | 50 | ||||||
| Moderna, Inc. (a) | 372 | 39 | ||||||
| Relay Therapeutics, Inc. N (a) | 1,230 | 10 | ||||||
| Vertex Pharmaceuticals, Inc. (a) | 276 | 96 | ||||||
| 552 | ||||||||
| Health Care Equipment & Supplies (12.3%) | ||||||||
| Align Technology, Inc. (a) | 210 | 64 | ||||||
| IDEXX Laboratories, Inc. (a) | 94 | 41 | ||||||
| Inspire Medical Systems, Inc. (a) | 324 | 64 | ||||||
| Intuitive Surgical, Inc. (a) | 306 | 90 | ||||||
| 259 | ||||||||
| Health Care Providers & Services (9.1%) | ||||||||
| Agilon health, Inc. (a) | 2,814 | 50 | ||||||
| Guardant Health, Inc. (a) | 892 | 26 | ||||||
| UnitedHealth Group, Inc. | 232 | 117 | ||||||
| 193 | ||||||||
| Health Care Technology (5.3%) | ||||||||
| Doximity, Inc., Class A (a) | 1,353 | 29 | ||||||
| Schrodinger, Inc. (a) | 1,098 | 31 | ||||||
| Veeva Systems, Inc., Class A (a) | 259 | 53 | ||||||
| 113 | ||||||||
| Life Sciences Tools & Services (23.3%) | ||||||||
| 10X Genomics, Inc., Class A (a) | 1,763 | 73 | ||||||
| AbCellera Biologics, Inc. Canada N (Canada) (a)(b) | 3,223 | 15 | ||||||
| Evotec SE ADR (Germany) (a) | 3,481 | 34 | ||||||
| Illumina, Inc. (a) | 289 | 40 | ||||||
| MaxCyte, Inc. (a) | 14,540 | 45 | ||||||
| SomaLogic, Inc. (a) | 29,999 | 72 | ||||||
| Stevanato Group SpA Italy N (Italy) | 1,793 | 53 | ||||||
| Thermo Fisher Scientific, Inc. | 213 | 108 | ||||||
| West Pharmaceutical Services, Inc. | 143 | 53 | ||||||
| 493 | ||||||||
| Pharmaceuticals (13.3%) | ||||||||
| ATAI Life Sciences NV (a)(b) | 8,904 | 11 | ||||||
| Eli Lilly & Co. | 294 | 158 | ||||||
| GH Research PLC (a) | 958 | 10 | ||||||
| Royalty Pharma PLC, Class A | 1,579 | 43 | ||||||
| Zoetis, Inc. | 340 | 59 | ||||||
| 281 | ||||||||
| Specialty Retail (0.9%) | ||||||||
| Chewy, Inc., Class A (a) | 1,010 | 18 | ||||||
| Total Common Stocks (Cost $2,599) | 1,909 | |||||||
| Short-Term Investments (6.3%) | ||||||||
| Investment Company (5.0%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (c) (Cost $107) | 107,046 | 107 | ||||||
| Securities held as Collateral on Loaned Securities (1.3%) | ||||||||
| Investment Company (1.1%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (c) | 21,857 | 22 | ||||||
| Face Amount (000) | ||||||||
| Repurchase Agreements (0.2%) | ||||||||
| Citigroup, Inc., (5.25%, dated 9/29/23, due 10/2/23; proceeds $2; fully collateralized by U.S. Government obligations; 0.13% - 2.88% due 10/31/23 - 5/15/52; valued at $2) | 2 | 2 | ||||||
| Merrill Lynch & Co., Inc., (5.29%, dated 9/29/23, due 10/2/23; proceeds $3; fully collateralized by a U.S. Government obligation; 2.75% due 5/31/29; valued at $3) | 3 | 3 | ||||||
| 5 | ||||||||
| Total Securities held as Collateral on Loaned Securities (Cost $27) | 27 | |||||||
| Total Short-Term Investments (Cost $134) | 134 | |||||||
| Total Investments (96.6%) (Cost $2,733) Including $26 of Securities Loaned (d)(e) | 2,043 | |||||||
| Other Assets in Excess of Liabilities (3.4%) | 72 | |||||||
| Net Assets (100.0%) | $ | 2,115 | ||||||
| (a) | Non-income producing security. |
| (b) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2023, were approximately $26,000 and $29,000 respectively. The Fund received cash collateral of approximately $27,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Portfolio of Investments. The remaining collateral of approximately $2,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand. |
| (c) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2023, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Funds. |
| (d) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions. |
| (e) | At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $172,000 and the aggregate gross unrealized depreciation is approximately $862,000, resulting in net unrealized depreciation of approximately $690,000. |
| ADR | American Depositary Receipt. |
Portfolio Composition*
| Classification | Percentage of Total Investments | |||
| Biotechnology | 27.4 | % | ||
| Life Sciences Tools & Services | 24.5 | |||
| Pharmaceuticals | 13.9 | |||
| Health Care Equipment & Supplies | 12.8 | |||
| Health Care Providers & Services | 9.6 | |||
| Health Care Technology | 5.6 | |||
| Short-Term Investments | 5.3 | |||
| Other** | 0.9 | |||
| Total Investments | 100.0 | % | ||
| * | Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2023. |
| ** | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report — September 30, 2023 (unaudited)
Notes to Portfolio of Investments
Security Valuation: (1) Fixed income securities may be valued by an outside pricing service/vendor approved by the Company's Board of Directors (the "Directors"). The pricing service/vendor may employ a pricing model that takes into account, among other things, bids, yield spreads and/or other market data and specific security characteristics. If Morgan Stanley Investment Management Inc. (the "Adviser") or Morgan Stanley Investment Management Limited (“MSIM Limited”) and Morgan Stanley Investment Management Company (“MSIM Company”) (together, the "Sub-Advisers"), each a wholly-owned subsidiary of Morgan Stanley, determines that the price provided by the outside pricing service/vendor does not reflect the security's fair value or is unable to provide a price, prices from brokers/dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from brokers/dealers; (2) an equity portfolio security listed or traded on an exchange is valued at its latest reported sales price (or at the exchange official closing price if such exchange reports an official closing price), and if there were no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant exchanges. If only bid prices are available then the latest bid price may be used. Listed equity securities not traded on the valuation date with no reported bid and asked prices available on the exchange are valued at the mean between the current bid and asked prices obtained from one or more reputable brokers/dealers. In cases where a security is traded on more than one exchange, the security is valued on the exchange designated as the primary market; (3) all other equity portfolio securities for which over-the-counter (“OTC”) market quotations are readily available are valued at the latest reported sales price (or at the market official closing price if such market reports an official closing price), and if there was no trading in the security on a given day and if there is no official closing price from relevant markets for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant markets. An unlisted equity security that does not trade on the valuation date and for which bid and asked prices from the relevant markets are unavailable is valued at the mean between the current bid and asked prices obtained from one or more reputable brokers/dealers; (4) futures are valued at the settlement price on the exchange on which they trade or, if a settlement price is unavailable, at the last sale price on the exchange; (5) OTC swaps may be valued by an outside pricing service approved by the Directors or quotes from a broker/dealer. Swaps cleared on a clearinghouse or exchange may be valued using the closing price provided by the clearinghouse or exchange; (6) listed options are valued at the last reported sales price on the exchange on which they are listed (or at the exchange official closing price if such exchange reports an official closing price). If an official closing price or last reported sales price is unavailable, the listed option should be fair valued at the mean between its latest bid and ask prices. Unlisted options are valued at the mean between their latest bid and ask prices from a broker/dealer or valued by a pricing service/vendor; (7) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser or Sub-Advisers determine that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security’s market value, portfolio securities are valued at their fair value as determined in good faith under procedures approved by and under the general supervision of the Directors. Occasionally, developments affecting the closing prices of securities and other assets may occur between the times at which valuations of such securities are determined (that is, close of the foreign market on which the securities trade) and the close of business of the New York Stock Exchange (“NYSE”). If developments occur during such periods that are expected to materially affect the value of such securities, such valuations may be adjusted to reflect the estimated fair value of such securities as of the close of the NYSE, as determined in good faith by the Directors or by the Adviser using a pricing service and/or procedures approved by the Directors; (8) foreign exchange transactions ("spot contracts") and foreign exchange forward contracts ("forward contracts") are valued daily using an independent pricing vendor at the spot and forward rates, respectively, as of the close of the NYSE; and (9) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value as of the close of each business day.
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report — September 30, 2023 (unaudited)
Notes to Portfolio of Investments (cont'd)
In connection with Rule 2a-5 of the Act, the Directors have designated the Company's Adviser as its valuation designee. The valuation designee has responsibility for determining fair value and to make the actual calculations pursuant to the fair valuation methodologies previously approved by the Directors. Under procedures approved by the Directors, the Company's Adviser, as valuation designee, has formed a Valuation Committee whose members are approved by the Directors. The Valuation Committee provides administration and oversight of the Company’s valuation policies and procedures, which are reviewed at least annually by the Directors. These procedures allow the Company to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.
Fair Value Measurement: Financial Accounting Standards Board (“FASB”) Accounting Standards CodificationTM ("ASC") 820, "Fair Value Measurement" (“ASC 820”), defines fair value as the price that would be received to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in valuing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in valuing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Fund's investments. The inputs are summarized in the three broad levels listed below:
| • | Level 1 – | unadjusted quoted prices in active markets for identical investments |
| • | Level 2 – | other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
| • | Level 3 – | significant unobservable inputs including the Fund’s own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer’s financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances. |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each security.
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report — September 30, 2023 (unaudited)
Notes to Portfolio of Investments (cont'd)
The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:
| Investment Type | Level 1 Unadjusted Quoted Prices (000) | Level 2 Other Significant Observable Inputs (000) | Level 3 Significant Unobservable Inputs (000) | Total (000) | ||||||||||||
| Advantage | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Automobiles | $ | 10,696 | $ | — | $ | — | $ | 10,696 | ||||||||
| Broadline Retail | 14,408 | — | — | 14,408 | ||||||||||||
| Capital Markets | 3,156 | — | — | 3,156 | ||||||||||||
| Entertainment | 9,430 | — | — | 9,430 | ||||||||||||
| Financial Services | 3,866 | 7,555 | — | 11,421 | ||||||||||||
| Ground Transportation | 15,481 | — | — | 15,481 | ||||||||||||
| Health Care Equipment & Supplies | 1,107 | — | — | 1,107 | ||||||||||||
| Health Care Technology | 3,081 | — | — | 3,081 | ||||||||||||
| Hotels, Restaurants & Leisure | 25,095 | — | — | 25,095 | ||||||||||||
| Information Technology Services | 44,515 | — | — | 44,515 | ||||||||||||
| Interactive Media & Services | 12,279 | — | — | 12,279 | ||||||||||||
| Life Sciences Tools & Services | 5,225 | — | — | 5,225 | ||||||||||||
| Media | 15,518 | — | — | 15,518 | ||||||||||||
| Pharmaceuticals | 9,614 | — | — | 9,614 | ||||||||||||
| Software | 13,074 | — | — | 13,074 | ||||||||||||
| Specialty Retail | 6,156 | — | — | 6,156 | ||||||||||||
| Total Common Stocks | 192,701 | 7,555 | — | 200,256 | ||||||||||||
| Investment Company | 3,349 | — | — | 3,349 | ||||||||||||
| Call Options Purchased | — | 713 | — | 713 | ||||||||||||
| Short-Term Investment | ||||||||||||||||
| Investment Company | 1,317 | — | — | 1,317 | ||||||||||||
| Total Assets | $ | 197,367 | $ | 8,268 | $ | — | $ | 205,635 | ||||||||
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report — September 30, 2023 (unaudited)
Notes to Portfolio of Investments (cont'd)
The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:
| Investment Type | Level 1 Unadjusted Quoted Prices (000) | Level 2 Other Significant Observable Inputs (000) | Level 3 Significant Unobservable Inputs (000) | Total (000) | ||||||||||||
| American Resilience | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Beverages | $ | 19 | $ | — | $ | — | $ | 19 | ||||||||
| Capital Markets | 65 | — | — | 65 | ||||||||||||
| Electronic Equipment, Instruments & Components | 44 | — | — | 44 | ||||||||||||
| Financial Services | 79 | — | — | 79 | ||||||||||||
| Health Care Equipment & Supplies | 77 | — | — | 77 | ||||||||||||
| Household Products | 28 | — | — | 28 | ||||||||||||
| Information Technology Services | 61 | — | — | 61 | ||||||||||||
| Insurance | 48 | — | — | 48 | ||||||||||||
| Interactive Media & Services | 37 | — | — | 37 | ||||||||||||
| Life Sciences Tools & Services | 139 | — | — | 139 | ||||||||||||
| Machinery | 31 | — | — | 31 | ||||||||||||
| Pharmaceuticals | 17 | — | — | 17 | ||||||||||||
| Professional Services | 74 | — | — | 74 | ||||||||||||
| Semiconductors & Semiconductor Equipment | 35 | — | — | 35 | ||||||||||||
| Software | 138 | — | — | 138 | ||||||||||||
| Textiles, Apparel & Luxury Goods | 14 | — | — | 14 | ||||||||||||
| Tobacco | 41 | — | — | 41 | ||||||||||||
| Total Common Stocks | 947 | — | — | 947 | ||||||||||||
| Warrant | — | @ | — | — | — | @ | ||||||||||
| Short-Term Investment | ||||||||||||||||
| Investment Company | 18 | — | — | 18 | ||||||||||||
| Total Assets | $ | 965 | $ | — | $ | — | $ | 965 | ||||||||
@ Value is less than $500.
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report — September 30, 2023 (unaudited)
Notes to Portfolio of Investments (cont'd)
The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:
| Investment Type | Level 1 Unadjusted Quoted Prices (000) | Level 2 Other Significant Observable Inputs (000) | Level 3 Significant Unobservable Inputs (000) | Total (000) | ||||||||||||
| Asia Opportunity | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Banks | $ | 11,179 | $ | 28,619 | $ | — | $ | 39,798 | ||||||||
| Beverages | — | 18,131 | — | 18,131 | ||||||||||||
| Broadline Retail | 10,495 | — | — | 10,495 | ||||||||||||
| Chemicals | — | 1,068 | — | 1,068 | ||||||||||||
| Construction Materials | — | 1,527 | — | 1,527 | ||||||||||||
| Consumer Finance | 3,973 | — | — | 3,973 | ||||||||||||
| Entertainment | 1,888 | — | — | 1,888 | ||||||||||||
| Food Products | — | 6,179 | — | 6,179 | ||||||||||||
| Ground Transportation | 6,632 | — | — | 6,632 | ||||||||||||
| Health Care Equipment & Supplies | — | 2,843 | — | 2,843 | ||||||||||||
| Hotels, Restaurants & Leisure | 8,171 | 21,426 | — | 29,597 | ||||||||||||
| Household Durables | — | 2,275 | — | 2,275 | ||||||||||||
| Insurance | — | 4,085 | — | 4,085 | ||||||||||||
| Interactive Media & Services | — | 18,014 | — | 18,014 | ||||||||||||
| Real Estate Management & Development | 7,691 | 3,009 | — | 10,700 | ||||||||||||
| Semiconductors & Semiconductor Equipment | — | 7,931 | — | 7,931 | ||||||||||||
| Textiles, Apparel & Luxury Goods | — | 9,414 | — | 9,414 | ||||||||||||
| Total Common Stocks | 50,029 | 124,521 | — | 174,550 | ||||||||||||
| Short-Term Investment | ||||||||||||||||
| Investment Company | 3,579 | — | — | 3,579 | ||||||||||||
| Total Assets | $ | 53,608 | $ | 124,521 | $ | — | $ | 178,129 | ||||||||
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report — September 30, 2023 (unaudited)
Notes to Portfolio of Investments (cont'd)
The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:
| Investment Type | Level 1 Unadjusted Quoted Prices (000) | Level 2 Other Significant Observable Inputs (000) | Level 3 Significant Unobservable Inputs (000) | Total (000) | ||||||||||||
| Counterpoint Global | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Aerospace & Defense | $ | — | $ | 135 | $ | — | $ | 135 | ||||||||
| Air Freight & Logistics | — | 103 | — | 103 | ||||||||||||
| Automobile Components | 2 | — | — | 2 | ||||||||||||
| Automobiles | 106 | — | — | 106 | ||||||||||||
| Banks | 172 | 16 | — | 188 | ||||||||||||
| Beverages | 26 | 57 | — | 83 | ||||||||||||
| Biotechnology | 96 | 3 | — | 99 | ||||||||||||
| Broadline Retail | 724 | 1 | — | 725 | ||||||||||||
| Capital Markets | 73 | 1 | — | 74 | ||||||||||||
| Chemicals | 41 | 17 | — | 58 | ||||||||||||
| Commercial Services & Supplies | 1 | 47 | — | 48 | ||||||||||||
| Construction Materials | — | 1 | — | 1 | ||||||||||||
| Consumer Finance | 3 | — | — | 3 | ||||||||||||
| Consumer Staples Distribution & Retail | 82 | 2 | — | 84 | ||||||||||||
| Containers & Packaging | 2 | 16 | — | 18 | ||||||||||||
| Distributors | 3 | — | — | 3 | ||||||||||||
| Diversified Consumer Services | 8 | — | — | 8 | ||||||||||||
| Diversified REITs | 21 | — | — | 21 | ||||||||||||
| Electronic Equipment, Instruments & Components | — | 37 | — | 37 | ||||||||||||
| Entertainment | 276 | 1 | — | 277 | ||||||||||||
| Financial Services | 327 | 145 | — | 472 | ||||||||||||
| Food Products | — | 3 | — | 3 | ||||||||||||
| Ground Transportation | 454 | — | — | 454 | ||||||||||||
| Health Care Equipment & Supplies | 11 | 23 | — | 34 | ||||||||||||
| Health Care Providers & Services | 164 | — | — | 164 | ||||||||||||
| Health Care Technology | 37 | — | — | 37 | ||||||||||||
| Hotels, Restaurants & Leisure | 318 | 90 | — | 408 | ||||||||||||
| Household Durables | 144 | 176 | — | 320 | ||||||||||||
| Information Technology Services | 1,963 | — | — | 1,963 | ||||||||||||
| Insurance | 27 | 10 | — | 37 | ||||||||||||
| Interactive Media & Services | 160 | 35 | — | 195 | ||||||||||||
| Leisure Products | 70 | — | — | 70 | ||||||||||||
| Life Sciences Tools & Services | 86 | 89 | — | 175 | ||||||||||||
| Machinery | — | 2 | — | 2 | ||||||||||||
| Marine Transportation | — | 12 | — | 12 | ||||||||||||
| Media | 178 | — | — | 178 | ||||||||||||
| Metals & Mining | 17 | 1 | — | 18 | ||||||||||||
| Multi-Utilities | 5 | — | — | 5 | ||||||||||||
| Oil, Gas & Consumable Fuels | 44 | — | — | 44 | ||||||||||||
| Passenger Airlines | 5 | — | — | 5 | ||||||||||||
| Personal Care Products | 6 | 1 | — | 7 | ||||||||||||
| Pharmaceuticals | 235 | 5 | — | 240 | ||||||||||||
| Real Estate Management & Development | 12 | 3 | — | 15 | ||||||||||||
| Semiconductors & Semiconductor Equipment | 13 | 37 | — | 50 | ||||||||||||
| Software | 915 | — | — | 915 | ||||||||||||
| Specialty Retail | 347 | — | — | 347 | ||||||||||||
| Textiles, Apparel & Luxury Goods | 52 | 210 | — | 262 | ||||||||||||
| Trading Companies & Distributors | 2 | — | — | 2 | ||||||||||||
| Transportation Infrastructure | 1 | — | — | 1 | ||||||||||||
| Total Common Stocks | 7,229 | 1,279 | — | 8,508 | ||||||||||||
| Preferred Stocks | ||||||||||||||||
| Financial Services | — | — | 3 | 3 | ||||||||||||
| Software | — | — | 45 | 45 | ||||||||||||
| Total Preferred Stocks | — | — | 48 | 48 | ||||||||||||
| Investment Company | 110 | — | — | 110 | ||||||||||||
| Warrants | — | @ | — | — | — | @ | ||||||||||
| Call Options Purchased | — | 19 | — | 19 | ||||||||||||
| Short-Term Investment | ||||||||||||||||
| Investment Company | 90 | — | — | 90 | ||||||||||||
| Total Assets | $ | 7,429 | $ | 1,298 | $ | 48 | $ | 8,775 | ||||||||
@ Value is less than $500.
Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
| Counterpoint Global | Preferred Stocks (000) | |||
| Beginning Balance | $ | 33 | ||
| Purchases | 3 | |||
| Sales | — | |||
| Transfers in | — | |||
| Transfers out | — | |||
| Corporate actions | — | |||
| Change in unrealized appreciation (depreciation) | 12 | |||
| Realized gains (losses) | — | |||
| Ending Balance | $ | 48 | ||
| Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2023 | $ | 12 | ||
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report — September 30, 2023 (unaudited)
Notes to Portfolio of Investments (cont'd)
The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of September 30, 2023. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance:
| Counterpoint Global | Fair Value at September 30, 2023 (000) | Valuation Technique | Unobservable Input | Amount* | Impact to Valuation from an Increase in Input** | |||||||||
| Preferred Stocks | $ | 48 | Market Transaction Method | Precedent Transaction | $73.50 | Increase | ||||||||
| Discounted Cash Flow | Weighted Average Cost of Capital | 16.5% | Decrease | |||||||||||
| Perpetual Growth Rate | 3.5% | Increase | ||||||||||||
| Market Comparable Companies | Enterprise Value/Revenue | 2.5x | Increase | |||||||||||
| Discount for Lack of Marketability | 14.0% | Decrease | ||||||||||||
| * | Amount is indicative of the weighted average. |
| ** | Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements. |
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report — September 30, 2023 (unaudited)
Notes to Portfolio of Investments (cont'd)
The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:
| Investment Type | Level 1 Unadjusted Quoted Prices (000) | Level 2 Other Significant Observable Inputs (000) | Level 3 Significant Unobservable Inputs (000) | Total (000) | ||||||||||||
| Developing Opportunity | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Banks | $ | 3,702 | $ | 5,403 | $ | — | $ | 9,105 | ||||||||
| Beverages | — | 2,768 | — | 2,768 | ||||||||||||
| Broadline Retail | 5,798 | — | — | 5,798 | ||||||||||||
| Capital Markets | — | 745 | — | 745 | ||||||||||||
| Chemicals | — | 646 | — | 646 | ||||||||||||
| Construction Materials | — | 352 | — | 352 | ||||||||||||
| Consumer Finance | 592 | — | — | 592 | ||||||||||||
| Entertainment | 413 | — | — | 413 | ||||||||||||
| Food Products | — | 586 | — | 586 | ||||||||||||
| Ground Transportation | 1,443 | — | — | 1,443 | ||||||||||||
| Health Care Equipment & Supplies | — | 420 | — | 420 | ||||||||||||
| Hotels, Restaurants & Leisure | 1,509 | 3,949 | — | 5,458 | ||||||||||||
| Household Durables | — | 307 | — | 307 | ||||||||||||
| Information Technology Services | 1,430 | — | — | 1,430 | ||||||||||||
| Interactive Media & Services | — | 3,263 | — | 3,263 | ||||||||||||
| Real Estate Management & Development | 1,364 | 457 | — | 1,821 | ||||||||||||
| Semiconductors & Semiconductor Equipment | — | 1,783 | — | 1,783 | ||||||||||||
| Textiles, Apparel & Luxury Goods | — | 1,873 | — | 1,873 | ||||||||||||
| Transportation Infrastructure | 538 | — | — | 538 | ||||||||||||
| Total Common Stocks | 16,789 | 22,552 | — | 39,341 | ||||||||||||
| Short-Term Investment | ||||||||||||||||
| Investment Company | 287 | — | — | 287 | ||||||||||||
| Total Assets | $ | 17,076 | $ | 22,552 | $ | — | $ | 39,628 | ||||||||
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report — September 30, 2023 (unaudited)
Notes to Portfolio of Investments (cont'd)
The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:
| Investment Type | Level 1 Unadjusted Quoted Prices (000) | Level 2 Other Significant Observable Inputs (000) | Level 3 Significant Unobservable Inputs (000) | Total (000) | ||||||||||||
| Emerging Markets ex China | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Air Freight & Logistics | $ | — | $ | 39 | $ | — | $ | 39 | ||||||||
| Automobiles | — | 280 | — | 280 | ||||||||||||
| Banks | 212 | 1,042 | — | 1,254 | ||||||||||||
| Beverages | 94 | — | — | 94 | ||||||||||||
| Broadline Retail | 23 | — | — | 23 | ||||||||||||
| Capital Markets | — | 86 | — | 86 | ||||||||||||
| Chemicals | — | 75 | — | 75 | ||||||||||||
| Construction & Engineering | — | 69 | — | 69 | ||||||||||||
| Consumer Finance | — | 96 | — | 96 | ||||||||||||
| Consumer Staples Distribution & Retail | 129 | 100 | — | 229 | ||||||||||||
| Containers & Packaging | — | 91 | — | 91 | ||||||||||||
| Electrical Equipment | — | 49 | — | 49 | ||||||||||||
| Electronic Equipment, Instruments & Components | — | 104 | — | 104 | ||||||||||||
| Financial Services | — | 80 | — | 80 | ||||||||||||
| Food Products | 92 | 102 | — | 194 | ||||||||||||
| Ground Transportation | 68 | — | — | 68 | ||||||||||||
| Health Care Providers & Services | — | 185 | — | 185 | ||||||||||||
| Hotels, Restaurants & Leisure | 47 | — | — | 47 | ||||||||||||
| Information Technology Services | 54 | 85 | — | 139 | ||||||||||||
| Insurance | 67 | 121 | — | 188 | ||||||||||||
| Machinery | — | 30 | — | 30 | ||||||||||||
| Metals & Mining | — | 419 | — | 419 | ||||||||||||
| Oil, Gas & Consumable Fuels | — | 402 | — | 402 | ||||||||||||
| Paper & Forest Products | — | 129 | — | 129 | ||||||||||||
| Real Estate Management & Development | — | 65 | — | 65 | ||||||||||||
| Semiconductors & Semiconductor Equipment | 202 | 556 | — | 758 | ||||||||||||
| Specialty Retail | — | 65 | — | 65 | ||||||||||||
| Tech Hardware, Storage & Peripherals | — | 379 | — | 379 | ||||||||||||
| Textiles, Apparel & Luxury Goods | — | 113 | — | 113 | ||||||||||||
| Transportation Infrastructure | 27 | — | — | 27 | ||||||||||||
| Total Common Stocks | 1,015 | 4,762 | — | 5,777 | ||||||||||||
| Rights | — | @ | — | — | — | @ | ||||||||||
| Total Assets | $ | 1,015 | $ | 4,762 | $ | — | $ | 5,777 | ||||||||
@ Value is less than $500.
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report — September 30, 2023 (unaudited)
Notes to Portfolio of Investments (cont'd)
The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:
| Investment Type | Level 1 Unadjusted Quoted Prices (000) | Level 2 Other Significant Observable Inputs (000) | Level 3 Significant Unobservable Inputs (000) | Total (000) | ||||||||||||
| Emerging Markets Leaders | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Automobiles | $ | — | $ | 22,044 | $ | — | $ | 22,044 | ||||||||
| Banks | 18,136 | 27,319 | — | 45,455 | ||||||||||||
| Broadline Retail | 18,862 | — | — | 18,862 | ||||||||||||
| Capital Markets | — | 5,342 | — | 5,342 | ||||||||||||
| Chemicals | — | 14,454 | — | 14,454 | ||||||||||||
| Consumer Finance | — | 19,127 | — | 19,127 | ||||||||||||
| Consumer Staples Distribution & Retail | — | 10,745 | — | 10,745 | ||||||||||||
| Electrical Equipment | 5,323 | 22,294 | — | 27,617 | ||||||||||||
| Electronic Equipment, Instruments & Components | — | 3,666 | — | 3,666 | ||||||||||||
| Ground Transportation | 8,545 | — | — | 8,545 | ||||||||||||
| Information Technology Services | 22,144 | — | — | 22,144 | ||||||||||||
| Machinery | — | 2,778 | — | 2,778 | ||||||||||||
| Personal Care Products | — | 8,849 | — | 8,849 | ||||||||||||
| Pharmaceuticals | — | 1,875 | — | 1,875 | ||||||||||||
| Professional Services | 1,977 | — | — | 1,977 | ||||||||||||
| Semiconductors & Semiconductor Equipment | — | 15,538 | — | 15,538 | ||||||||||||
| Specialty Retail | — | 11,393 | — | 11,393 | ||||||||||||
| Textiles, Apparel & Luxury Goods | — | 37,593 | — | 37,593 | ||||||||||||
| Total Common Stocks | 74,987 | 203,017 | — | 278,004 | ||||||||||||
| Rights | 17 | — | — | 17 | ||||||||||||
| Total Assets | $ | 75,004 | $ | 203,017 | $ | — | $ | 278,021 | ||||||||
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report — September 30, 2023 (unaudited)
Notes to Portfolio of Investments (cont'd)
The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:
| Investment Type | Level 1 Unadjusted Quoted Prices (000) | Level 2 Other Significant Observable Inputs (000) | Level 3 Significant Unobservable Inputs (000) | Total (000) | ||||||||||||
| Emerging Markets | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Air Freight & Logistics | $ | — | $ | 2,972 | $ | — | $ | 2,972 | ||||||||
| Automobiles | — | 24,606 | — | 24,606 | ||||||||||||
| Banks | 9,057 | 89,136 | — | 98,193 | ||||||||||||
| Beverages | — | 11,309 | — | 11,309 | ||||||||||||
| Broadline Retail | 1,184 | 8,796 | — | 9,980 | ||||||||||||
| Capital Markets | — | 8,962 | — | 8,962 | ||||||||||||
| Chemicals | — | 4,054 | — | 4,054 | ||||||||||||
| Construction & Engineering | — | 5,006 | — | 5,006 | ||||||||||||
| Consumer Finance | — | 5,699 | — | 5,699 | ||||||||||||
| Consumer Staples Distribution & Retail | 10,516 | 4,598 | — | 15,114 | ||||||||||||
| Electrical Equipment | 2,229 | 8,039 | — | 10,268 | ||||||||||||
| Electronic Equipment, Instruments & Components | — | 7,247 | — | 7,247 | ||||||||||||
| Financial Services | — | 5,674 | — | 5,674 | ||||||||||||
| Food Products | 8,100 | 13,458 | — | 21,558 | ||||||||||||
| Ground Transportation | 6,357 | — | — | 6,357 | ||||||||||||
| Health Care Providers & Services | — | 7,686 | — | 7,686 | ||||||||||||
| Hotels, Restaurants & Leisure | 2,470 | 2,713 | — | 5,183 | ||||||||||||
| Industrial Conglomerates | — | 5,351 | — | 5,351 | ||||||||||||
| Information Technology Services | 2,806 | 5,902 | — | 8,708 | ||||||||||||
| Insurance | 4,681 | 9,535 | — | 14,216 | ||||||||||||
| Interactive Media & Services | — | 14,222 | — | 14,222 | ||||||||||||
| Machinery | — | 3,113 | — | 3,113 | ||||||||||||
| Metals & Mining | — | 26,180 | — | 26,180 | ||||||||||||
| Oil, Gas & Consumable Fuels | — | 30,214 | — | 30,214 | ||||||||||||
| Paper & Forest Products | — | 7,966 | — | 7,966 | ||||||||||||
| Personal Care Products | — | 2,823 | — | 2,823 | ||||||||||||
| Pharmaceuticals | — | 3,059 | — | 3,059 | ||||||||||||
| Real Estate Management & Development | — | 4,799 | — | 4,799 | ||||||||||||
| Semiconductors & Semiconductor Equipment | 9,446 | 44,959 | — | 54,405 | ||||||||||||
| Specialty Retail | — | 5,974 | — | 5,974 | ||||||||||||
| Tech Hardware, Storage & Peripherals | — | 26,134 | — | 26,134 | ||||||||||||
| Textiles, Apparel & Luxury Goods | — | 16,931 | — | 16,931 | ||||||||||||
| Transportation Infrastructure | 4,586 | — | — | 4,586 | ||||||||||||
| Total Common Stocks | 61,432 | 417,117 | — | 478,549 | ||||||||||||
| Rights | 13 | — | — | 13 | ||||||||||||
| Short-Term Investment | ||||||||||||||||
| Investment Company | 6,261 | — | — | 6,261 | ||||||||||||
| Total Assets | 67,706 | 417,117 | — | 484,823 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Futures Contract | (103 | ) | — | — | (103 | ) | ||||||||||
| Total | $ | 67,603 | $ | 417,117 | $ | — | $ | 484,720 | ||||||||
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report — September 30, 2023 (unaudited)
Notes to Portfolio of Investments (cont'd)
The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:
| Investment Type | Level 1 Unadjusted Quoted Prices (000) | Level 2 Other Significant Observable Inputs (000) | Level 3 Significant Unobservable Inputs (000) | Total (000) | ||||||||||||
| Global Concentrated | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Automobiles | $ | 7,871 | $ | — | $ | — | $ | 7,871 | ||||||||
| Banks | 8,798 | — | — | 8,798 | ||||||||||||
| Capital Markets | 4,881 | — | — | 4,881 | ||||||||||||
| Commercial Services & Supplies | 4,246 | — | — | 4,246 | ||||||||||||
| Construction Materials | 6,584 | — | — | 6,584 | ||||||||||||
| Consumer Staples Distribution & Retail | 5,755 | — | — | 5,755 | ||||||||||||
| Distributors | 705 | — | — | 705 | ||||||||||||
| Electric Utilities | 3,784 | — | — | 3,784 | ||||||||||||
| Entertainment | 7,288 | — | — | 7,288 | ||||||||||||
| Financial Services | 4,868 | — | — | 4,868 | ||||||||||||
| Interactive Media & Services | 3,821 | — | — | 3,821 | ||||||||||||
| Life Sciences Tools & Services | 1,241 | — | — | 1,241 | ||||||||||||
| Semiconductors & Semiconductor Equipment | 8,272 | — | — | 8,272 | ||||||||||||
| Software | 9,797 | — | — | 9,797 | ||||||||||||
| Textiles, Apparel & Luxury Goods | 7,042 | — | — | 7,042 | ||||||||||||
| Trading Companies & Distributors | 10,322 | — | — | 10,322 | ||||||||||||
| Total Common Stocks | 95,275 | — | — | 95,275 | ||||||||||||
| Short-Term Investment | ||||||||||||||||
| Investment Company | 1,528 | — | — | 1,528 | ||||||||||||
| Total Assets | $ | 96,803 | $ | — | $ | — | $ | 96,803 | ||||||||
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report — September 30, 2023 (unaudited)
Notes to Portfolio of Investments (cont'd)
The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:
| Investment Type | Level 1 Unadjusted Quoted Prices (000) | Level 2 Other Significant Observable Inputs (000) | Level 3 Significant Unobservable Inputs (000) | Total (000) | ||||||||||||
| Global Core | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Automobiles | $ | 1,288 | $ | — | $ | — | $ | 1,288 | ||||||||
| Banks | 1,441 | — | — | 1,441 | ||||||||||||
| Beverages | 128 | — | — | 128 | ||||||||||||
| Broadline Retail | 393 | — | — | 393 | ||||||||||||
| Building Products | 266 | — | — | 266 | ||||||||||||
| Capital Markets | 832 | — | — | 832 | ||||||||||||
| Chemicals | 418 | — | — | 418 | ||||||||||||
| Commercial Services & Supplies | 55 | — | — | 55 | ||||||||||||
| Construction Materials | 1,279 | — | — | 1,279 | ||||||||||||
| Consumer Staples Distribution & Retail | 168 | — | — | 168 | ||||||||||||
| Distributors | 68 | — | — | 68 | ||||||||||||
| Diversified Telecommunication Services | 393 | — | — | 393 | ||||||||||||
| Electric Utilities | 433 | — | — | 433 | ||||||||||||
| Entertainment | 768 | — | — | 768 | ||||||||||||
| Financial Services | 663 | — | — | 663 | ||||||||||||
| Health Care Equipment & Supplies | 59 | — | — | 59 | ||||||||||||
| Health Care Technology | 133 | — | — | 133 | ||||||||||||
| Hotels, Restaurants & Leisure | 1,046 | — | — | 1,046 | ||||||||||||
| Household Durables | 129 | — | — | 129 | ||||||||||||
| Insurance | 478 | — | — | 478 | ||||||||||||
| Interactive Media & Services | 683 | — | — | 683 | ||||||||||||
| Life Sciences Tools & Services | 692 | — | — | 692 | ||||||||||||
| Metals & Mining | 122 | — | — | 122 | ||||||||||||
| Oil, Gas & Consumable Fuels | 1,073 | — | — | 1,073 | ||||||||||||
| Passenger Airlines | 250 | — | — | 250 | ||||||||||||
| Professional Services | 284 | — | — | 284 | ||||||||||||
| Residential REITs | 60 | — | — | 60 | ||||||||||||
| Semiconductors & Semiconductor Equipment | 1,151 | — | — | 1,151 | ||||||||||||
| Software | 1,661 | — | — | 1,661 | ||||||||||||
| Specialty Retail | 500 | — | — | 500 | ||||||||||||
| Tech Hardware, Storage & Peripherals | 1,562 | — | — | 1,562 | ||||||||||||
| Textiles, Apparel & Luxury Goods | 654 | 978 | — | 1,632 | ||||||||||||
| Trading Companies & Distributors | 1,159 | — | — | 1,159 | ||||||||||||
| Total Common Stocks | 20,289 | 978 | — | 21,267 | ||||||||||||
| Short-Term Investment | ||||||||||||||||
| Investment Company | 359 | — | — | 359 | ||||||||||||
| Total Assets | $ | 20,648 | $ | 978 | $ | — | $ | 21,626 | ||||||||
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report — September 30, 2023 (unaudited)
Notes to Portfolio of Investments (cont'd)
The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:
| Investment Type | Level 1 Unadjusted Quoted Prices (000) | Level 2 Other Significant Observable Inputs (000) | Level 3 Significant Unobservable Inputs (000) | Total (000) | ||||||||||||
| Global Endurance | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Aerospace & Defense | $ | — | $ | 2,245 | $ | — | $ | 2,245 | ||||||||
| Beverages | 806 | 1,026 | — | 1,832 | ||||||||||||
| Biotechnology | 1,208 | — | — | 1,208 | ||||||||||||
| Broadline Retail | 3,002 | — | — | 3,002 | ||||||||||||
| Chemicals | 872 | 550 | — | 1,422 | ||||||||||||
| Consumer Staples Distribution & Retail | 2,071 | — | — | 2,071 | ||||||||||||
| Containers & Packaging | — | 615 | — | 615 | ||||||||||||
| Diversified REITs | 227 | — | — | 227 | ||||||||||||
| Entertainment | 1,340 | — | — | 1,340 | ||||||||||||
| Financial Services | 1,947 | 1,030 | — | 2,977 | ||||||||||||
| Ground Transportation | 1,793 | — | — | 1,793 | ||||||||||||
| Hotels, Restaurants & Leisure | 639 | 734 | — | 1,373 | ||||||||||||
| Household Durables | 3,592 | 2,601 | — | 6,193 | ||||||||||||
| Information Technology Services | 2,006 | — | — | 2,006 | ||||||||||||
| Interactive Media & Services | 1,981 | — | — | 1,981 | ||||||||||||
| Life Sciences Tools & Services | — | 1,562 | — | 1,562 | ||||||||||||
| Oil, Gas & Consumable Fuels | 894 | — | — | 894 | ||||||||||||
| Pharmaceuticals | 1,731 | — | — | 1,731 | ||||||||||||
| Software | 5,843 | — | — | 5,843 | ||||||||||||
| Specialty Retail | 5,372 | — | — | 5,372 | ||||||||||||
| Total Common Stocks | 35,324 | 10,363 | — | 45,687 | ||||||||||||
| Short-Term Investments | ||||||||||||||||
| Investment Company | 1,654 | — | — | 1,654 | ||||||||||||
| Repurchase Agreements | — | 316 | — | 316 | ||||||||||||
| Total Short-Term Investments | 1,654 | 316 | — | 1,970 | ||||||||||||
| Total Assets | $ | 36,978 | $ | 10,679 | $ | — | $ | 47,657 | ||||||||
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report — September 30, 2023 (unaudited)
Notes to Portfolio of Investments (cont'd)
The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:
| Investment Type | Level 1 Unadjusted Quoted Prices (000) | Level 2 Other Significant Observable Inputs (000) | Level 3 Significant Unobservable Inputs (000) | Total (000) | ||||||||||||
| Global Focus Real Estate | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Data Centers | $ | 388 | $ | — | $ | — | $ | 388 | ||||||||
| Diversified | — | 458 | — | 458 | ||||||||||||
| Health Care | 333 | 24 | — | 357 | ||||||||||||
| Industrial | 363 | 181 | — | 544 | ||||||||||||
| Industrial/Office Mixed | — | 67 | — | 67 | ||||||||||||
| Infrastructure REITs | 205 | — | — | 205 | ||||||||||||
| Lodging/Resorts | 39 | 96 | — | 135 | ||||||||||||
| Office | — | 38 | — | 38 | ||||||||||||
| Residential | 463 | 116 | — | 579 | ||||||||||||
| Retail | 388 | 28 | — | 416 | ||||||||||||
| Self Storage | 151 | 47 | — | 198 | ||||||||||||
| Specialty | 179 | — | — | 179 | ||||||||||||
| Timber REIT | 52 | — | — | 52 | ||||||||||||
| Total Common Stocks | 2,561 | 1,055 | — | 3,616 | ||||||||||||
| Short-Term Investment | ||||||||||||||||
| Investment Company | 20 | — | — | 20 | ||||||||||||
| Total Assets | $ | 2,581 | $ | 1,055 | $ | — | $ | 3,636 | ||||||||
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report — September 30, 2023 (unaudited)
Notes to Portfolio of Investments (cont'd)
The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:
| Investment Type | Level 1 Unadjusted Quoted Prices (000) | Level 2 Other Significant Observable Inputs (000) | Level 3 Significant Unobservable Inputs (000) | Total (000) | ||||||||||||
| Global Franchise | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Beverages | $ | 56,719 | $ | 143,448 | $ | — | $ | 200,167 | ||||||||
| Capital Markets | 163,496 | — | — | 163,496 | ||||||||||||
| Electronic Equipment, Instruments & Components | 55,088 | — | — | 55,088 | ||||||||||||
| Entertainment | — | 8,795 | — | 8,795 | ||||||||||||
| Financial Services | 165,428 | — | — | 165,428 | ||||||||||||
| Health Care Equipment & Supplies | 239,131 | — | — | 239,131 | ||||||||||||
| Household Products | 74,211 | 152,873 | — | 227,084 | ||||||||||||
| Information Technology Services | 163,479 | — | — | 163,479 | ||||||||||||
| Insurance | 130,403 | — | — | 130,403 | ||||||||||||
| Life Sciences Tools & Services | 257,974 | — | — | 257,974 | ||||||||||||
| Machinery | 46,097 | — | — | 46,097 | ||||||||||||
| Personal Care Products | — | 53,190 | — | 53,190 | ||||||||||||
| Pharmaceuticals | 27,838 | — | — | 27,838 | ||||||||||||
| Professional Services | 157,577 | 131,176 | — | 288,753 | ||||||||||||
| Software | 274,826 | 153,138 | — | 427,964 | ||||||||||||
| Textiles, Apparel & Luxury Goods | 21,384 | 52,841 | — | 74,225 | ||||||||||||
| Tobacco | 180,414 | — | — | 180,414 | ||||||||||||
| Total Common Stocks | 2,014,065 | 695,461 | — | 2,709,526 | ||||||||||||
| Short-Term Investment | ||||||||||||||||
| Investment Company | 41,518 | — | — | 41,518 | ||||||||||||
| Total Assets | $ | 2,055,583 | $ | 695,461 | $ | — | $ | 2,751,044 | ||||||||
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report — September 30, 2023 (unaudited)
Notes to Portfolio of Investments (cont'd)
The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:
| Investment Type | Level 1 Unadjusted Quoted Prices (000) | Level 2 Other Significant Observable Inputs (000) | Level 3 Significant Unobservable Inputs (000) | Total (000) | ||||||||||||
| Global Infrastructure | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Airports | $ | 2,841 | $ | 7,744 | $ | — | $ | 10,585 | ||||||||
| Communications | 22,220 | 10,763 | — | 32,983 | ||||||||||||
| Diversified | 13,119 | 18,760 | — | 31,879 | ||||||||||||
| Electricity Transmission & Distribution | 21,916 | 12,270 | — | 34,186 | ||||||||||||
| Oil & Gas Storage & Transportation | 71,288 | 10,774 | — | 82,062 | ||||||||||||
| Others | 13,282 | 534 | — | 13,816 | ||||||||||||
| Toll Roads | — | 6,511 | — | 6,511 | ||||||||||||
| Water | 5,244 | 3,399 | — | 8,643 | ||||||||||||
| Total Common Stocks | 149,910 | 70,755 | — | 220,665 | ||||||||||||
| Short-Term Investments | ||||||||||||||||
| Investment Company | 19,776 | — | — | 19,776 | ||||||||||||
| Repurchase Agreements | — | 664 | — | 664 | ||||||||||||
| Total Short-Term Investments | 19,776 | 664 | — | 20,440 | ||||||||||||
| Total Assets | $ | 169,686 | $ | 71,419 | $ | — | $ | 241,105 | ||||||||
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report — September 30, 2023 (unaudited)
Notes to Portfolio of Investments (cont'd)
The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:
| Investment Type | Level 1 Unadjusted Quoted Prices (000) | Level 2 Other Significant Observable Inputs (000) | Level 3 Significant Unobservable Inputs (000) | Total (000) | ||||||||||||
| Global Insight | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Automobiles | $ | 3,750 | $ | — | $ | — | $ | 3,750 | ||||||||
| Banks | 403 | — | — | 403 | ||||||||||||
| Biotechnology | 1,559 | — | — | 1,559 | ||||||||||||
| Broadline Retail | 12,905 | — | — | 12,905 | ||||||||||||
| Chemicals | 289 | — | — | 289 | ||||||||||||
| Entertainment | 2,854 | — | — | 2,854 | ||||||||||||
| Financial Services | 2,589 | 3,842 | — | 6,431 | ||||||||||||
| Ground Transportation | 8,282 | — | — | 8,282 | ||||||||||||
| Health Care Providers & Services | 2,913 | — | — | 2,913 | ||||||||||||
| Hotels, Restaurants & Leisure | 6,139 | — | — | 6,139 | ||||||||||||
| Information Technology Services | 14,405 | — | — | 14,405 | ||||||||||||
| Leisure Products | 409 | — | — | 409 | ||||||||||||
| Media | 3,993 | — | — | 3,993 | ||||||||||||
| Pharmaceuticals | 3,773 | — | — | 3,773 | ||||||||||||
| Software | 4,322 | — | — | 4,322 | ||||||||||||
| Specialty Retail | 2,299 | — | — | 2,299 | ||||||||||||
| Total Common Stocks | 70,884 | 3,842 | — | 74,726 | ||||||||||||
| Preferred Stock | ||||||||||||||||
| Software | — | — | 21 | 21 | ||||||||||||
| Investment Company | 1,179 | — | — | 1,179 | ||||||||||||
| Call Options Purchased | — | 271 | — | 271 | ||||||||||||
| Short-Term Investment | ||||||||||||||||
| Investment Company | 675 | — | — | 675 | ||||||||||||
| Total Assets | $ | 72,738 | $ | 4,113 | $ | 21 | $ | 76,872 | ||||||||
Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
| Global Insight | Preferred Stock (000) | |||
| Beginning Balance | $ | 30 | ||
| Purchases | — | |||
| Sales | — | |||
| Transfers in | — | |||
| Transfers out | — | |||
| Corporate actions | — | |||
| Change in unrealized appreciation (depreciation) | (9 | ) | ||
| Realized gains (losses) | — | |||
| Ending Balance | $ | 21 | ||
| Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2023 | $ | (9 | ) | |
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report — September 30, 2023 (unaudited)
Notes to Portfolio of Investments (cont'd)
The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of September 30, 2023. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance:
| Global Insight | Fair Value at September 30, 2023 (000) | Valuation Technique | Unobservable Input | Amount* | Impact to Valuation from an Increase in Input** | |||||||||
| Preferred Stock | $ | 21 | Discounted Cash Flow | Weighted Average Cost of Capital | 15.5% | Decrease | ||||||||
| Perpetual Growth Rate | 3.5% | Increase | ||||||||||||
| Market Comparable Companies | Enterprise Value/Revenue | 6.9x | Increase | |||||||||||
| Discount for Lack of Marketability | 16.0% | Decrease | ||||||||||||
| Comparable Transactions | Enterprise Value/Revenue | 9.3x | Increase | |||||||||||
| * | Amount is indicative of the weighted average. |
| ** | Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements. |
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report — September 30, 2023 (unaudited)
Notes to Portfolio of Investments (cont'd)
The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:
| Investment Type | Level 1 Unadjusted Quoted Prices (000) | Level 2 Other Significant Observable Inputs (000) | Level 3 Significant Unobservable Inputs (000) | Total (000) | ||||||||||||
| Global Opportunity | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Air Freight & Logistics | $ | — | $ | 148,915 | $ | — | $ | 148,915 | ||||||||
| Banks | 99,220 | 156,253 | — | 255,473 | ||||||||||||
| Broadline Retail | 338,908 | — | — | 338,908 | ||||||||||||
| Electronic Equipment, Instruments & Components | — | 33,839 | — | † | 33,839 | † | ||||||||||
| Entertainment | 196,887 | — | — | 196,887 | ||||||||||||
| Financial Services | 171,998 | 13,124 | — | 185,122 | ||||||||||||
| Ground Transportation | 287,944 | — | — | 287,944 | ||||||||||||
| Hotels, Restaurants & Leisure | 112,454 | 63,306 | — | 175,760 | ||||||||||||
| Information Technology Services | 140,091 | — | — | 140,091 | ||||||||||||
| Interactive Media & Services | 122,035 | 21,611 | — | 143,646 | ||||||||||||
| Software | 404,330 | — | — | 404,330 | ||||||||||||
| Textiles, Apparel & Luxury Goods | 20,522 | 169,095 | — | 189,617 | ||||||||||||
| Total Common Stocks | 1,894,389 | 606,143 | — | † | 2,500,532 | † | ||||||||||
| Short-Term Investment | ||||||||||||||||
| Investment Company | 33,588 | — | — | 33,588 | ||||||||||||
| Total Assets | $ | 1,927,977 | $ | 606,143 | $ | — | † | $ | 2,534,120 | † | ||||||
| † | Includes a security valued at zero. |
Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
| Global Opportunity | Common Stock (000) | |||
| Beginning Balance | $ | — | † | |
| Purchases | — | |||
| Sales | — | |||
| Transfers in | — | |||
| Transfers out | — | |||
| Corporate actions | — | |||
| Change in unrealized appreciation (depreciation) | — | |||
| Realized gains (losses) | — | |||
| Ending Balance | $ | — | † | |
| Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2023 | $ | — |
| † | Includes a security valued at zero. |
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report — September 30, 2023 (unaudited)
Notes to Portfolio of Investments (cont'd)
The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:
| Investment Type | Level 1 Unadjusted Quoted Prices (000) | Level 2 Other Significant Observable Inputs (000) | Level 3 Significant Unobservable Inputs (000) | Total (000) | ||||||||||||
| Global Permanence | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Aerospace & Defense | $ | — | $ | 735 | $ | — | $ | 735 | ||||||||
| Automobiles | 9 | — | — | 9 | ||||||||||||
| Banks | 126 | — | — | 126 | ||||||||||||
| Beverages | — | 7 | — | 7 | ||||||||||||
| Broadline Retail | 559 | — | — | 559 | ||||||||||||
| Capital Markets | 608 | — | — | 608 | ||||||||||||
| Chemicals | 9 | — | — | 9 | ||||||||||||
| Commercial Services & Supplies | 10 | 463 | — | 473 | ||||||||||||
| Consumer Staples Distribution & Retail | 188 | — | — | 188 | ||||||||||||
| Diversified REITs | 132 | — | — | 132 | ||||||||||||
| Entertainment | — | 10 | — | 10 | ||||||||||||
| Ground Transportation | 449 | — | — | 449 | ||||||||||||
| Health Care Equipment & Supplies | — | 88 | — | 88 | ||||||||||||
| Household Durables | — | 416 | — | 416 | ||||||||||||
| Information Technology Services | 912 | — | — | 912 | ||||||||||||
| Insurance | 248 | — | — | 248 | ||||||||||||
| Interactive Media & Services | 258 | — | — | 258 | ||||||||||||
| Life Sciences Tools & Services | 334 | 432 | — | 766 | ||||||||||||
| Metals & Mining | 140 | 10 | — | 150 | ||||||||||||
| Oil, Gas & Consumable Fuels | 161 | — | — | 161 | ||||||||||||
| Personal Care Products | — | 9 | — | 9 | ||||||||||||
| Pharmaceuticals | 588 | — | — | 588 | ||||||||||||
| Real Estate Management & Development | 9 | — | — | 9 | ||||||||||||
| Semiconductors & Semiconductor Equipment | 89 | — | — | 89 | ||||||||||||
| Software | 818 | — | — | 818 | ||||||||||||
| Specialty Retail | 306 | — | — | 306 | ||||||||||||
| Textiles, Apparel & Luxury Goods | — | 365 | — | 365 | ||||||||||||
| Total Common Stocks | 5,953 | 2,535 | — | 8,488 | ||||||||||||
| Investment Company | 100 | — | — | 100 | ||||||||||||
| Warrant | 1 | — | — | 1 | ||||||||||||
| Call Options Purchased | — | 27 | — | 27 | ||||||||||||
| Short-Term Investment | ||||||||||||||||
| Investment Company | 145 | — | — | 145 | ||||||||||||
| Total Assets | $ | 6,199 | $ | 2,562 | $ | — | $ | 8,761 | ||||||||
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report — September 30, 2023 (unaudited)
Notes to Portfolio of Investments (cont'd)
The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:
| Investment Type | Level 1 Unadjusted Quoted Prices (000) | Level 2 Other Significant Observable Inputs (000) | Level 3 Significant Unobservable Inputs (000) | Total (000) | ||||||||||||
| Global Real Estate | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Data Centers | $ | 3,274 | $ | — | $ | — | $ | 3,274 | ||||||||
| Diversified | — | 4,803 | — | 4,803 | ||||||||||||
| Health Care | 3,214 | 346 | — | 3,560 | ||||||||||||
| Industrial | 4,059 | 1,673 | — | 5,732 | ||||||||||||
| Industrial/Office Mixed | — | 776 | — | 776 | ||||||||||||
| Lodging/Resorts | 598 | 970 | — | 1,568 | ||||||||||||
| Office | 179 | 824 | — | 1,003 | ||||||||||||
| Residential | 5,387 | 994 | — | 6,381 | ||||||||||||
| Retail | 3,723 | 754 | — | 4,477 | ||||||||||||
| Self Storage | 1,631 | 463 | — | 2,094 | ||||||||||||
| Specialty | 1,149 | — | — | 1,149 | ||||||||||||
| Total Common Stocks | 23,214 | 11,603 | — | 34,817 | ||||||||||||
| Short-Term Investment | ||||||||||||||||
| Investment Company | 261 | — | — | 261 | ||||||||||||
| Total Assets | $ | 23,475 | $ | 11,603 | $ | — | $ | 35,078 | ||||||||
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report — September 30, 2023 (unaudited)
Notes to Portfolio of Investments (cont'd)
The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:
| Investment Type | Level 1 Unadjusted Quoted Prices (000) | Level 2 Other Significant Observable Inputs (000) | Level 3 Significant Unobservable Inputs (000) | Total (000) | ||||||||||||
| Global Sustain | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Beverages | $ | 1,310 | $ | — | $ | — | $ | 1,310 | ||||||||
| Capital Markets | 4,854 | 1,964 | — | 6,818 | ||||||||||||
| Electronic Equipment, Instruments & Components | 2,935 | — | — | 2,935 | ||||||||||||
| Entertainment | — | 349 | — | 349 | ||||||||||||
| Financial Services | 7,607 | — | — | 7,607 | ||||||||||||
| Health Care Equipment & Supplies | 7,725 | — | — | 7,725 | ||||||||||||
| Household Products | 1,916 | 3,532 | — | 5,448 | ||||||||||||
| Information Technology Services | 6,191 | — | — | 6,191 | ||||||||||||
| Insurance | 4,561 | 2,523 | — | 7,084 | ||||||||||||
| Interactive Media & Services | 3,068 | — | — | 3,068 | ||||||||||||
| Life Sciences Tools & Services | 12,621 | — | — | 12,621 | ||||||||||||
| Machinery | 1,687 | 1,463 | — | 3,150 | ||||||||||||
| Personal Care Products | — | 1,393 | — | 1,393 | ||||||||||||
| Pharmaceuticals | 830 | — | — | 830 | ||||||||||||
| Professional Services | 5,033 | 3,101 | — | 8,134 | ||||||||||||
| Semiconductors & Semiconductor Equipment | 4,439 | — | — | 4,439 | ||||||||||||
| Software | 11,574 | 4,942 | — | 16,516 | ||||||||||||
| Textiles, Apparel & Luxury Goods | 804 | — | — | 804 | ||||||||||||
| Total Common Stocks | 77,155 | 19,267 | — | 96,422 | ||||||||||||
| Warrant | 9 | — | — | 9 | ||||||||||||
| Short-Term Investment | ||||||||||||||||
| Investment Company | 1,504 | — | — | 1,504 | ||||||||||||
| Total Assets | $ | 78,668 | $ | 19,267 | $ | — | $ | 97,935 | ||||||||
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report — September 30, 2023 (unaudited)
Notes to Portfolio of Investments (cont'd)
The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:
| Investment Type | Level 1 Unadjusted Quoted Prices (000) | Level 2 Other Significant Observable Inputs (000) | Level 3 Significant Unobservable Inputs (000) | Total (000) | ||||||||||||
| Growth | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Automobiles | $ | 266,010 | $ | — | $ | — | $ | 266,010 | ||||||||
| Biotechnology | 79,297 | — | — | 79,297 | ||||||||||||
| Broadline Retail | 215,030 | — | — | 215,030 | ||||||||||||
| Capital Markets | 20,512 | — | — | 20,512 | ||||||||||||
| Chemicals | 20,887 | — | — | 20,887 | ||||||||||||
| Electronic Equipment, Instruments & Components | — | — | — | † | — | † | ||||||||||
| Entertainment | 227,648 | — | — | 227,648 | ||||||||||||
| Financial Services | 122,472 | 127,593 | — | 250,065 | ||||||||||||
| Ground Transportation | 460,363 | — | — | 460,363 | ||||||||||||
| Health Care Providers & Services | 181,270 | — | — | 181,270 | ||||||||||||
| Health Care Technology | 25,829 | — | — | 25,829 | ||||||||||||
| Hotels, Restaurants & Leisure | 567,159 | — | — | 567,159 | ||||||||||||
| Information Technology Services | 1,015,275 | — | — | 1,015,275 | ||||||||||||
| Leisure Products | 26,292 | — | — | 26,292 | ||||||||||||
| Life Sciences Tools & Services | 22,133 | — | — | 22,133 | ||||||||||||
| Media | 365,998 | — | — | 365,998 | ||||||||||||
| Pharmaceuticals | 229,609 | — | — | 229,609 | ||||||||||||
| Software | 493,108 | — | — | 493,108 | ||||||||||||
| Specialty Retail | 185,066 | — | — | 185,066 | ||||||||||||
| Total Common Stocks | 4,523,958 | 127,593 | — | † | 4,651,551 | † | ||||||||||
| Preferred Stocks | ||||||||||||||||
| Financial Services | — | — | 14,549 | 14,549 | ||||||||||||
| Software | — | — | 136,775 | 136,775 | ||||||||||||
| Total Preferred Stocks | — | — | 151,324 | 151,324 | ||||||||||||
| Investment Company | $ | 81,616 | $ | — | $ | — | $ | 81,616 | ||||||||
| Call Options Purchased | — | 16,162 | — | 16,162 | ||||||||||||
| Short-Term Investments | ||||||||||||||||
| Investment Company | 131,634 | — | — | 131,634 | ||||||||||||
| Repurchase Agreements | — | 2,931 | — | 2,931 | ||||||||||||
| Total Short-Term Investments | 131,634 | 2,931 | — | 134,565 | ||||||||||||
| Total Assets | $ | 4,737,208 | $ | 146,686 | $ | 151,324 | † | $ | 5,035,218 | † | ||||||
| † | Includes a security valued at zero. |
Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
| Growth | Common Stock (000) | Preferred Stocks (000) | ||||||
| Beginning Balance | $ | — | † | $ | 102,367 | |||
| Purchases | — | 12,876 | ||||||
| Sales | — | — | ||||||
| Transfers in | — | — | ||||||
| Transfers out | — | — | ||||||
| Corporate actions | — | — | ||||||
| Change in unrealized appreciation (depreciation) | — | 36,081 | ||||||
| Realized gains (losses) | — | — | ||||||
| Ending Balance | $ | — | † | $ | 151,324 | |||
| Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2023 | $ | — | $ | 36,081 | ||||
| † | Includes a security valued at zero. |
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report — September 30, 2023 (unaudited)
Notes to Portfolio of Investments (cont'd)
The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of September 30, 2023. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance:
| Growth | Fair Value at September 30, 2023 (000) | Valuation Technique | Unobservable Input | Amount* | Impact to Valuation from an Increase in Input** | |||||||||
| Preferred Stocks | $ | 151,324 | Market Transaction Method | Precedent Transaction | $73.50 | Increase | ||||||||
| Discounted Cash Flow | Weighted Average Cost of Capital | 16.5% | Decrease | |||||||||||
| Perpetual Growth Rate | 3.5% | Increase | ||||||||||||
| Market Comparable Companies | Enterprise Value/Revenue | 2.5x | Increase | |||||||||||
| Discount for Lack of Marketability | 14.0% | Decrease | ||||||||||||
| * | Amount is indicative of the weighted average. |
| ** | Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements. |
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report — September 30, 2023 (unaudited)
Notes to Portfolio of Investments (cont'd)
The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:
| Investment Type | Level 1 Unadjusted Quoted Prices (000) | Level 2 Other Significant Observable Inputs (000) | Level 3 Significant Unobservable Inputs (000) | Total (000) | ||||||||||||
| Inception | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Automobile Components | $ | 1,013 | $ | — | $ | — | $ | 1,013 | ||||||||
| Beverages | 1,017 | — | — | 1,017 | ||||||||||||
| Biotechnology | 11,676 | — | — | 11,676 | ||||||||||||
| Broadline Retail | 30,309 | — | — | 30,309 | ||||||||||||
| Chemicals | 2,838 | — | — | 2,838 | ||||||||||||
| Consumer Staples Distribution & Retail | 758 | — | — | 758 | ||||||||||||
| Diversified Consumer Services | 4,295 | — | — | 4,295 | ||||||||||||
| Financial Services | 29,911 | — | — | 29,911 | ||||||||||||
| Ground Transportation | 6,966 | — | — | 6,966 | ||||||||||||
| Health Care Equipment & Supplies | 1,977 | — | — | 1,977 | ||||||||||||
| Health Care Providers & Services | 23,535 | — | — | 23,535 | ||||||||||||
| Health Care Technology | 10,375 | — | — | 10,375 | ||||||||||||
| Hotels, Restaurants & Leisure | 1,984 | — | — | 1,984 | ||||||||||||
| Household Durables | 6,631 | 10,219 | — | 16,850 | ||||||||||||
| Information Technology Services | 51,585 | — | — | 51,585 | ||||||||||||
| Interactive Media & Services | 6,899 | — | — | 6,899 | ||||||||||||
| Leisure Products | 20,819 | — | — | 20,819 | ||||||||||||
| Life Sciences Tools & Services | 17,259 | — | — | 17,259 | ||||||||||||
| Media | 1,056 | — | — | 1,056 | ||||||||||||
| Metals & Mining | 891 | — | — | 891 | ||||||||||||
| Passenger Airlines | 2,583 | — | — | 2,583 | ||||||||||||
| Personal Care Products | 3,296 | — | — | 3,296 | ||||||||||||
| Pharmaceuticals | 1,710 | — | — | 1,710 | ||||||||||||
| Real Estate Management & Development | 2,908 | — | — | 2,908 | ||||||||||||
| Software | 97,550 | — | — | 97,550 | ||||||||||||
| Specialty Retail | 30,865 | — | — | 30,865 | ||||||||||||
| Textiles, Apparel & Luxury Goods | 11,711 | — | — | 11,711 | ||||||||||||
| Total Common Stocks | 382,417 | 10,219 | — | 392,636 | ||||||||||||
| Preferred Stocks | ||||||||||||||||
| Health Care Technology | — | — | 5,590 | 5,590 | ||||||||||||
| Software | — | — | 3,846 | 3,846 | ||||||||||||
| Total Preferred Stocks | — | — | 9,436 | 9,436 | ||||||||||||
| Investment Company | 5,478 | — | — | 5,478 | ||||||||||||
| Warrants | 41 | — | — | 41 | ||||||||||||
| Call Options Purchased | $ | — | $ | 1,292 | $ | — | $ | 1,292 | ||||||||
| Short-Term Investments | ||||||||||||||||
| Investment Company | 10,924 | — | — | 10,924 | ||||||||||||
| Repurchase Agreements | — | 2,275 | — | 2,275 | ||||||||||||
| Total Short-Term Investments | 10,924 | 2,275 | — | 13,199 | ||||||||||||
| Total Assets | $ | 398,860 | $ | 13,786 | $ | 9,436 | $ | 422,082 | ||||||||
Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
| Inception | Preferred Stocks (000) | |||
| Beginning Balance | $ | 11,920 | ||
| Purchases | — | |||
| Sales | — | |||
| Transfers in | — | |||
| Transfers out | — | |||
| Corporate actions | — | |||
| Change in unrealized appreciation (depreciation) | (2,484 | ) | ||
| Realized gains (losses) | — | |||
| Ending Balance | $ | 9,436 | ||
| Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2023 | $ | (2,484 | ) | |
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report — September 30, 2023 (unaudited)
Notes to Portfolio of Investments (cont'd)
The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of September 30, 2023. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance:
| Inception | Fair Value at September 30, 2023 (000) | Valuation Technique | Unobservable Input | Amount or Range/ Weighted Average* | Impact to Valuation from an Increase in Input** | |||||||
| Preferred Stocks | $ | 9,436 | Discounted Cash Flow | Weighted Average Cost of Capital | 12.5%-15.5%/14.3% | Decrease | ||||||
| Perpetual Growth Rate | 3.0%-4.0%/3.5% | Increase | ||||||||||
| Market Comparable Companies | Enterprise Value/Revenue | 1.1x-12.6x/3.9x | Increase | |||||||||
| Discount for Lack of Marketability | 16.0%-18.0%/17.2% | Decrease | ||||||||||
| Comparable Transactions | Enterprise Value/Revenue | 1.7x-15.2x/6.0x | Increase | |||||||||
| * | Amount is indicative of the weighted average. |
| ** | Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements. |
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report — September 30, 2023 (unaudited)
Notes to Portfolio of Investments (cont'd)
The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:
| Investment Type | Level 1 Unadjusted Quoted Prices (000) | Level 2 Other Significant Observable Inputs (000) | Level 3 Significant Unobservable Inputs (000) | Total (000) | ||||||||||||
| International Advantage | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Air Freight & Logistics | $ | — | $ | 262,888 | $ | — | $ | 262,888 | ||||||||
| Banks | — | 204,531 | — | 204,531 | ||||||||||||
| Beverages | — | 251,757 | — | 251,757 | ||||||||||||
| Biotechnology | — | 15,923 | — | 15,923 | ||||||||||||
| Broadline Retail | 170,768 | — | — | 170,768 | ||||||||||||
| Capital Markets | 67,626 | — | — | 67,626 | ||||||||||||
| Electronic Equipment, Instruments & Components | — | 141,717 | — | 141,717 | ||||||||||||
| Entertainment | 103,987 | — | — | 103,987 | ||||||||||||
| Financial Services | — | 60,344 | — | 60,344 | ||||||||||||
| Food Products | — | 55,186 | — | 55,186 | ||||||||||||
| Ground Transportation | 81,936 | — | — | 81,936 | ||||||||||||
| Health Care Equipment & Supplies | — | 117,463 | — | 117,463 | ||||||||||||
| Hotels, Restaurants & Leisure | — | 76,524 | — | 76,524 | ||||||||||||
| Information Technology Services | 91,435 | — | — | 91,435 | ||||||||||||
| Insurance | — | 69,401 | — | 69,401 | ||||||||||||
| Interactive Media & Services | — | 53,441 | — | 53,441 | ||||||||||||
| Marine Transportation | — | 73,733 | — | 73,733 | ||||||||||||
| Multi-Utilities | 64,107 | — | — | 64,107 | ||||||||||||
| Semiconductors & Semiconductor Equipment | 97,276 | 147,846 | — | 245,122 | ||||||||||||
| Textiles, Apparel & Luxury Goods | 66,740 | 610,941 | — | 677,681 | ||||||||||||
| Total Common Stocks | 743,875 | 2,141,695 | — | 2,885,570 | ||||||||||||
| Short-Term Investments | ||||||||||||||||
| Investment Company | 149,870 | — | — | 149,870 | ||||||||||||
| Repurchase Agreements | — | 2,417 | — | 2,417 | ||||||||||||
| Total Short-Term Investments | 149,870 | 2,417 | — | 152,287 | ||||||||||||
| Total Assets | $ | 893,745 | $ | 2,144,112 | $ | — | $ | 3,037,857 | ||||||||
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report — September 30, 2023 (unaudited)
Notes to Portfolio of Investments (cont'd)
The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:
| Investment Type | Level 1 Unadjusted Quoted Prices (000) | Level 2 Other Significant Observable Inputs (000) | Level 3 Significant Unobservable Inputs (000) | Total (000) | ||||||||||||
| International Equity | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Aerospace & Defense | $ | — | $ | 67,372 | $ | — | $ | 67,372 | ||||||||
| Air Freight & Logistics | — | 27,356 | — | 27,356 | ||||||||||||
| Automobile Components | — | 8,682 | — | 8,682 | ||||||||||||
| Banks | — | 54,356 | — | 54,356 | ||||||||||||
| Beverages | — | 81,086 | — | 81,086 | ||||||||||||
| Capital Markets | — | 41,799 | — | 41,799 | ||||||||||||
| Electrical Equipment | — | 26,396 | — | 26,396 | ||||||||||||
| Electronic Equipment, Instruments & Components | — | 37,797 | — | 37,797 | ||||||||||||
| Entertainment | — | 26,380 | — | 26,380 | ||||||||||||
| Financial Services | — | 18,727 | — | 18,727 | ||||||||||||
| Food Products | — | 20,296 | — | 20,296 | ||||||||||||
| Health Care Equipment & Supplies | — | 21,078 | — | 21,078 | ||||||||||||
| Hotels, Restaurants & Leisure | — | 15,380 | — | 15,380 | ||||||||||||
| Household Products | — | 34,046 | — | 34,046 | ||||||||||||
| Insurance | — | 111,973 | — | 111,973 | ||||||||||||
| Interactive Media & Services | — | 9,971 | — | 9,971 | ||||||||||||
| Life Sciences Tools & Services | — | 30,320 | — | 30,320 | ||||||||||||
| Machinery | — | 76,912 | — | 76,912 | ||||||||||||
| Metals & Mining | 25,764 | 17,044 | — | 42,808 | ||||||||||||
| Oil, Gas & Consumable Fuels | 14,542 | 56,213 | — | 70,755 | ||||||||||||
| Personal Care Products | — | 26,741 | — | 26,741 | ||||||||||||
| Pharmaceuticals | — | 101,329 | — | 101,329 | ||||||||||||
| Professional Services | — | 40,361 | — | 40,361 | ||||||||||||
| Semiconductors & Semiconductor Equipment | 32,245 | 33,051 | — | 65,296 | ||||||||||||
| Software | 38,098 | 41,171 | — | 79,269 | ||||||||||||
| Tech Hardware, Storage & Peripherals | — | 26,626 | — | 26,626 | ||||||||||||
| Textiles, Apparel & Luxury Goods | — | 56,617 | — | 56,617 | ||||||||||||
| Tobacco | — | 25,877 | — | 25,877 | ||||||||||||
| Total Common Stocks | 110,649 | 1,134,957 | — | 1,245,606 | ||||||||||||
| Warrant | 94 | — | — | 94 | ||||||||||||
| Short-Term Investment | ||||||||||||||||
| Investment Company | 15,230 | — | — | 15,230 | ||||||||||||
| Total Assets | $ | 125,973 | $ | 1,134,957 | $ | — | $ | 1,260,930 | ||||||||
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report — September 30, 2023 (unaudited)
Notes to Portfolio of Investments (cont'd)
The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:
| Investment Type | Level 1 Unadjusted Quoted Prices (000) | Level 2 Other Significant Observable Inputs (000) | Level 3 Significant Unobservable Inputs (000) | Total (000) | ||||||||||||
| International Opportunity | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Air Freight & Logistics | $ | — | $ | 82,681 | $ | — | $ | 82,681 | ||||||||
| Banks | 81,133 | 94,440 | — | 175,573 | ||||||||||||
| Beverages | — | 32,383 | — | 32,383 | ||||||||||||
| Biotechnology | — | 7,253 | — | 7,253 | ||||||||||||
| Broadline Retail | 135,263 | — | — | 135,263 | ||||||||||||
| Consumer Staples Distribution & Retail | — | 8,600 | — | 8,600 | ||||||||||||
| Electronic Equipment, Instruments & Components | — | 30,215 | — | 30,215 | ||||||||||||
| Entertainment | 60,319 | — | — | 60,319 | ||||||||||||
| Financial Services | — | 20,209 | — | 20,209 | ||||||||||||
| Ground Transportation | 28,722 | — | — | 28,722 | ||||||||||||
| Hotels, Restaurants & Leisure | 37,632 | 83,511 | — | 121,143 | ||||||||||||
| Information Technology Services | 73,456 | — | — | 73,456 | ||||||||||||
| Interactive Media & Services | — | 38,358 | — | 38,358 | ||||||||||||
| Machinery | — | 4,913 | — | 4,913 | ||||||||||||
| Semiconductors & Semiconductor Equipment | — | 61,390 | — | 61,390 | ||||||||||||
| Textiles, Apparel & Luxury Goods | 30,294 | 118,815 | — | 149,109 | ||||||||||||
| Total Common Stocks | 446,819 | 582,768 | — | 1,029,587 | ||||||||||||
| Short-Term Investments | ||||||||||||||||
| Investment Company | 31,077 | — | — | 31,077 | ||||||||||||
| Repurchase Agreements | — | 2,621 | — | 2,621 | ||||||||||||
| Total Short-Term Investments | 31,077 | 2,621 | — | 33,698 | ||||||||||||
| Total Assets | $ | 477,896 | $ | 585,389 | $ | — | $ | 1,063,285 | ||||||||
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report — September 30, 2023 (unaudited)
Notes to Portfolio of Investments (cont'd)
The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:
| Investment Type | Level 1 Unadjusted Quoted Prices (000) | Level 2 Other Significant Observable Inputs (000) | Level 3 Significant Unobservable Inputs (000) | Total (000) | ||||||||||||
| International Resilience | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Beverages | $ | — | $ | 140 | $ | — | $ | 140 | ||||||||
| Capital Markets | — | 52 | — | 52 | ||||||||||||
| Electrical Equipment | — | 48 | — | 48 | ||||||||||||
| Electronic Equipment, Instruments & Components | — | 102 | — | 102 | ||||||||||||
| Entertainment | — | 43 | — | 43 | ||||||||||||
| Financial Services | 40 | 33 | — | 73 | ||||||||||||
| Health Care Equipment & Supplies | — | 58 | — | 58 | ||||||||||||
| Hotels, Restaurants & Leisure | — | 26 | — | 26 | ||||||||||||
| Household Products | 33 | 52 | — | 85 | ||||||||||||
| Insurance | — | 41 | — | 41 | ||||||||||||
| Interactive Media & Services | — | 19 | — | 19 | ||||||||||||
| Life Sciences Tools & Services | 76 | 50 | — | 126 | ||||||||||||
| Machinery | — | 87 | — | 87 | ||||||||||||
| Personal Care Products | — | 62 | — | 62 | ||||||||||||
| Pharmaceuticals | — | 110 | — | 110 | ||||||||||||
| Professional Services | — | 93 | — | 93 | ||||||||||||
| Semiconductors & Semiconductor Equipment | 50 | 25 | — | 75 | ||||||||||||
| Software | 62 | 75 | — | 137 | ||||||||||||
| Textiles, Apparel & Luxury Goods | — | 95 | — | 95 | ||||||||||||
| Total Common Stocks | 261 | 1,211 | — | 1,472 | ||||||||||||
| Warrant | — | @ | — | — | — | @ | ||||||||||
| Short-Term Investment | ||||||||||||||||
| Investment Company | 18 | — | — | 18 | ||||||||||||
| Total Assets | $ | 279 | $ | 1,211 | $ | — | $ | 1,490 | ||||||||
@ Value is less than $500.
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report — September 30, 2023 (unaudited)
Notes to Portfolio of Investments (cont'd)
The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:
| Investment Type | Level 1 Unadjusted Quoted Prices (000) | Level 2 Other Significant Observable Inputs (000) | Level 3 Significant Unobservable Inputs (000) | Total (000) | ||||||||||||
| Multi-Asset Real Return | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Energy Equipment & Services | $ | 47 | $ | 5 | $ | — | $ | 52 | ||||||||
| Metals & Mining | 434 | 110 | — | 544 | ||||||||||||
| Oil, Gas & Consumable Fuels | 515 | 417 | — | 932 | ||||||||||||
| Total Common Stocks | 996 | 532 | — | 1,528 | ||||||||||||
| U.S. Treasury Securities | — | 18,699 | — | 18,699 | ||||||||||||
| Short-Term Investments | ||||||||||||||||
| Investment Company | 7,023 | — | — | 7,023 | ||||||||||||
| Repurchase Agreements | — | 1 | — | 1 | ||||||||||||
| Total Short-Term Investments | 7,023 | 1 | — | 7,024 | ||||||||||||
| Foreign Currency Forward Exchange Contracts | — | 2 | — | 2 | ||||||||||||
| Futures Contracts | 151 | — | — | 151 | ||||||||||||
| Interest Rate Swap Agreements | — | 213 | — | 213 | ||||||||||||
| Total Assets | 8,170 | 19,447 | — | 27,617 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Foreign Currency Forward Exchange Contracts | — | — | @ | — | — | @ | ||||||||||
| Futures Contracts | (342 | ) | — | — | (342 | ) | ||||||||||
| Interest Rate Swap Agreements | — | (125 | ) | — | (125 | ) | ||||||||||
| Total Return Swap Agreement | — | (47 | ) | — | (47 | ) | ||||||||||
| Total Liabilities | (342 | ) | (172 | ) | — | (514 | ) | |||||||||
| Total | $ | 7,828 | $ | 19,275 | $ | — | $ | 27,103 | ||||||||
@ Value is less than $500.
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report — September 30, 2023 (unaudited)
Notes to Portfolio of Investments (cont'd)
The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:
| Investment Type | Level 1 Unadjusted Quoted Prices (000) | Level 2 Other Significant Observable Inputs (000) | Level 3 Significant Unobservable Inputs (000) | Total (000) | ||||||||||||
| Next Gen Emerging Markets | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Banks | $ | 785 | $ | 4,585 | $ | — | $ | 5,370 | ||||||||
| Broadline Retail | 1,217 | — | — | 1,217 | ||||||||||||
| Building Products | — | 371 | — | 371 | ||||||||||||
| Consumer Finance | — | 1,342 | — | 1,342 | ||||||||||||
| Entertainment | — | 1,640 | — | 1,640 | ||||||||||||
| Food Products | — | 3,632 | — | 3,632 | ||||||||||||
| Health Care Providers & Services | — | 1,112 | — | 1,112 | ||||||||||||
| Hotels, Restaurants & Leisure | — | 401 | — | 401 | ||||||||||||
| Information Technology Services | 1,971 | 3,941 | — | 5,912 | ||||||||||||
| Metals & Mining | — | 1,812 | — | 1,812 | ||||||||||||
| Oil, Gas & Consumable Fuels | — | 1,613 | — | 1,613 | ||||||||||||
| Personal Care Products | — | 776 | — | 776 | ||||||||||||
| Software | — | 1,695 | — | 1,695 | ||||||||||||
| Specialty Retail | — | 1,409 | — | 1,409 | ||||||||||||
| Textiles, Apparel & Luxury Goods | — | 1,674 | — | 1,674 | ||||||||||||
| Wireless Telecommunication Services | — | 1,916 | — | 1,916 | ||||||||||||
| Total Common Stocks | 3,973 | 27,919 | — | 31,892 | ||||||||||||
| Short-Term Investment | ||||||||||||||||
| Investment Company | 935 | — | — | 935 | ||||||||||||
| Total Assets | $ | 4,908 | $ | 27,919 | $ | — | $ | 32,827 | ||||||||
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report — September 30, 2023 (unaudited)
Notes to Portfolio of Investments (cont'd)
The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:
| Investment Type | Level 1 Unadjusted Quoted Prices (000) | Level 2 Other Significant Observable Inputs (000) | Level 3 Significant Unobservable Inputs (000) | Total (000) | ||||||||||||
| Passport Overseas Equity | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Aerospace & Defense | $ | — | $ | 4,851 | $ | — | $ | 4,851 | ||||||||
| Banks | 4,802 | 2,371 | — | 7,173 | ||||||||||||
| Beverages | — | 3,974 | — | 3,974 | ||||||||||||
| Biotechnology | 2,212 | — | — | 2,212 | ||||||||||||
| Broadline Retail | 9,567 | — | — | 9,567 | ||||||||||||
| Chemicals | — | 6,476 | — | 6,476 | ||||||||||||
| Containers & Packaging | — | 842 | — | 842 | ||||||||||||
| Electrical Equipment | — | 497 | — | 497 | ||||||||||||
| Electronic Equipment, Instruments & Components | — | 2,071 | — | 2,071 | ||||||||||||
| Energy Equipment & Services | 1,322 | 1,068 | — | 2,390 | ||||||||||||
| Entertainment | 3,688 | 2,804 | — | 6,492 | ||||||||||||
| Financial Services | — | 114 | — | 114 | ||||||||||||
| Food Products | — | 3,845 | — | 3,845 | ||||||||||||
| Ground Transportation | 2,932 | — | — | 2,932 | ||||||||||||
| Health Care Equipment & Supplies | 1,791 | 2,819 | — | 4,610 | ||||||||||||
| Health Care Providers & Services | — | 1,152 | — | 1,152 | ||||||||||||
| Hotels, Restaurants & Leisure | 5,129 | 571 | — | 5,700 | ||||||||||||
| Household Durables | 1,821 | 4,472 | — | 6,293 | ||||||||||||
| Household Products | — | 392 | — | 392 | ||||||||||||
| Insurance | — | 805 | — | 805 | ||||||||||||
| Interactive Media & Services | 1,937 | 5,865 | — | 7,802 | ||||||||||||
| Leisure Products | — | 489 | — | 489 | ||||||||||||
| Machinery | — | 3,608 | — | 3,608 | ||||||||||||
| Metals & Mining | 8,433 | 10,674 | — | 19,107 | ||||||||||||
| Oil, Gas & Consumable Fuels | 874 | 10,618 | — | 11,492 | ||||||||||||
| Passenger Airlines | 2,657 | — | — | 2,657 | ||||||||||||
| Personal Care Products | 1,673 | 6,417 | — | 8,090 | ||||||||||||
| Pharmaceuticals | — | 16,482 | — | 16,482 | ||||||||||||
| Professional Services | — | 3,067 | — | 3,067 | ||||||||||||
| Semiconductors & Semiconductor Equipment | 1,918 | 9,882 | — | 11,800 | ||||||||||||
| Software | 933 | — | — | 933 | ||||||||||||
| Specialty Retail | 465 | — | — | 465 | ||||||||||||
| Tech Hardware, Storage & Peripherals | — | 5,791 | — | 5,791 | ||||||||||||
| Textiles, Apparel & Luxury Goods | — | 1,296 | — | 1,296 | ||||||||||||
| Total Common Stocks | 52,154 | 113,313 | — | 165,467 | ||||||||||||
| Preferred Stock | ||||||||||||||||
| Biotechnology | — | — | 1,250 | 1,250 | ||||||||||||
| Short-Term Investments | ||||||||||||||||
| Investment Company | 3,539 | — | — | 3,539 | ||||||||||||
| Repurchase Agreements | — | 500 | — | 500 | ||||||||||||
| Total Short-Term Investments | 3,539 | 500 | — | 4,039 | ||||||||||||
| Foreign Currency Forward Exchange Contracts | — | 56 | — | 56 | ||||||||||||
| Total Assets | $ | 55,693 | $ | 113,869 | $ | 1,250 | $ | 170,812 | ||||||||
Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
| Passport Overseas Equity | Preferred Stock (000) | |||
| Beginning Balance | $ | 1,174 | ||
| Purchases | — | |||
| Sales | — | |||
| Transfers in | — | |||
| Transfers out | — | |||
| Corporate actions | — | |||
| Change in unrealized appreciation (depreciation) | 76 | |||
| Realized gains (losses) | — | |||
| Ending Balance | $ | 1,250 | ||
| Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2023 | $ | 76 | ||
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report — September 30, 2023 (unaudited)
Notes to Portfolio of Investments (cont'd)
The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of September 30, 2023:
| Passport Overseas Equity | Fair Value at September 30, 2023 (000) | Valuation Technique | Unobservable Input | Amount* | Impact to Valuation from an Increase in Input** | |||||||||
| Preferred Stock | $ | 1,250 | Market Transaction Method | Precedent Transaction | $38.24 | Increase | ||||||||
| * | Amount is indicative of the weighted average. |
| ** | Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements. |
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report — September 30, 2023 (unaudited)
Notes to Portfolio of Investments (cont'd)
The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:
| Investment Type | Level 1 Unadjusted Quoted Prices (000) | Level 2 Other Significant Observable Inputs (000) | Level 3 Significant Unobservable Inputs (000) | Total (000) | ||||||||||||
| Permanence | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Aerospace & Defense | $ | 14 | $ | 107 | $ | — | $ | 121 | ||||||||
| Broadline Retail | 273 | — | — | 273 | ||||||||||||
| Capital Markets | 296 | — | — | 296 | ||||||||||||
| Chemicals | 8 | — | — | 8 | ||||||||||||
| Commercial Services & Supplies | 14 | 162 | — | 176 | ||||||||||||
| Construction Materials | 5 | — | — | 5 | ||||||||||||
| Consumer Staples Distribution & Retail | 127 | — | — | 127 | ||||||||||||
| Distributors | 69 | — | — | 69 | ||||||||||||
| Diversified Consumer Services | 4 | — | — | 4 | ||||||||||||
| Diversified REITs | 65 | — | — | 65 | ||||||||||||
| Entertainment | 48 | — | — | 48 | ||||||||||||
| Financial Services | 60 | — | — | 60 | ||||||||||||
| Food Products | 4 | — | — | 4 | ||||||||||||
| Ground Transportation | 147 | — | — | 147 | ||||||||||||
| Health Care Equipment & Supplies | 5 | — | — | 5 | ||||||||||||
| Health Care Technology | 41 | — | — | 41 | ||||||||||||
| Hotels, Restaurants & Leisure | 13 | — | — | 13 | ||||||||||||
| Household Durables | 42 | 147 | — | 189 | ||||||||||||
| Information Technology Services | 453 | — | — | 453 | ||||||||||||
| Insurance | 121 | — | — | 121 | ||||||||||||
| Interactive Media & Services | 178 | — | — | 178 | ||||||||||||
| Life Sciences Tools & Services | 245 | 151 | — | 396 | ||||||||||||
| Metals & Mining | 68 | — | — | 68 | ||||||||||||
| Oil, Gas & Consumable Fuels | 77 | — | — | 77 | ||||||||||||
| Personal Care Products | 5 | — | — | 5 | ||||||||||||
| Pharmaceuticals | 218 | — | — | 218 | ||||||||||||
| Semiconductors & Semiconductor Equipment | 44 | — | — | 44 | ||||||||||||
| Software | 410 | — | — | 410 | ||||||||||||
| Specialty Retail | 358 | — | — | 358 | ||||||||||||
| Textiles, Apparel & Luxury Goods | — | 108 | — | 108 | ||||||||||||
| Trading Companies & Distributors | 54 | — | — | 54 | ||||||||||||
| Total Common Stocks | 3,466 | 675 | — | 4,141 | ||||||||||||
| Investment Company | 54 | — | — | 54 | ||||||||||||
| Warrant | — | @ | — | — | — | @ | ||||||||||
| Call Options Purchased | — | 14 | — | 14 | ||||||||||||
| Short-Term Investment | ||||||||||||||||
| Investment Company | 128 | — | — | 128 | ||||||||||||
| Total Assets | $ | 3,648 | $ | 689 | $ | — | $ | 4,337 | ||||||||
@ Value is less than $500.
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report — September 30, 2023 (unaudited)
Notes to Portfolio of Investments (cont'd)
The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:
| Investment Type | Level 1 Unadjusted Quoted Prices (000) | Level 2 Other Significant Observable Inputs (000) | Level 3 Significant Unobservable Inputs (000) | Total (000) | ||||||||||||
| US Core | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Banks | $ | 8,083 | $ | — | $ | — | $ | 8,083 | ||||||||
| Broadline Retail | 6,702 | — | — | 6,702 | ||||||||||||
| Building Products | 2,878 | — | — | 2,878 | ||||||||||||
| Capital Markets | 8,443 | — | — | 8,443 | ||||||||||||
| Commercial Services & Supplies | 4,933 | — | — | 4,933 | ||||||||||||
| Consumer Staples Distribution & Retail | 9,109 | — | — | 9,109 | ||||||||||||
| Containers & Packaging | 1,226 | — | — | 1,226 | ||||||||||||
| Distributors | 1,814 | — | — | 1,814 | ||||||||||||
| Electric Utilities | 4,326 | — | — | 4,326 | ||||||||||||
| Entertainment | 761 | — | — | 761 | ||||||||||||
| Financial Services | 9,457 | — | — | 9,457 | ||||||||||||
| Health Care Equipment & Supplies | 2,643 | — | — | 2,643 | ||||||||||||
| Hotels, Restaurants & Leisure | 10,094 | — | — | 10,094 | ||||||||||||
| Household Durables | 2,553 | — | — | 2,553 | ||||||||||||
| Insurance | 11,884 | — | — | 11,884 | ||||||||||||
| Interactive Media & Services | 17,251 | — | — | 17,251 | ||||||||||||
| Life Sciences Tools & Services | 8,947 | — | — | 8,947 | ||||||||||||
| Metals & Mining | 3,594 | — | — | 3,594 | ||||||||||||
| Oil, Gas & Consumable Fuels | 8,777 | — | — | 8,777 | ||||||||||||
| Semiconductors & Semiconductor Equipment | 17,317 | — | — | 17,317 | ||||||||||||
| Software | 23,379 | — | — | 23,379 | ||||||||||||
| Specialty Retail | 11,239 | — | — | 11,239 | ||||||||||||
| Tech Hardware, Storage & Peripherals | 17,310 | — | — | 17,310 | ||||||||||||
| Textiles, Apparel & Luxury Goods | 3,899 | — | — | 3,899 | ||||||||||||
| Trading Companies & Distributors | 6,200 | — | — | 6,200 | ||||||||||||
| Total Assets | $ | 202,819 | $ | — | $ | — | $ | 202,819 | ||||||||
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report — September 30, 2023 (unaudited)
Notes to Portfolio of Investments (cont'd)
The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:
| Investment Type | Level 1 Unadjusted Quoted Prices (000) | Level 2 Other Significant Observable Inputs (000) | Level 3 Significant Unobservable Inputs (000) | Total (000) | ||||||||||||
| U.S. Focus Real Estate | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Apartments | $ | 387 | $ | — | $ | — | $ | 387 | ||||||||
| Data Centers | 572 | — | — | 572 | ||||||||||||
| Free Standing | 218 | — | — | 218 | ||||||||||||
| Gaming | 183 | — | — | 183 | ||||||||||||
| Health Care | 463 | — | — | 463 | ||||||||||||
| Industrial | 620 | — | — | 620 | ||||||||||||
| Infrastructure | 349 | — | — | 349 | ||||||||||||
| Lodging/Resorts | 43 | — | — | 43 | ||||||||||||
| Regional Malls | 158 | — | — | 158 | ||||||||||||
| Self Storage | 260 | — | — | 260 | ||||||||||||
| Shopping Centers | 217 | — | — | 217 | ||||||||||||
| Single Family Homes | 283 | — | — | 283 | ||||||||||||
| Specialty | 119 | — | — | 119 | ||||||||||||
| Timber | 96 | — | — | 96 | ||||||||||||
| Total Common Stocks | 3,968 | — | — | 3,968 | ||||||||||||
| Short-Term Investment | ||||||||||||||||
| Investment Company | 38 | — | — | 38 | ||||||||||||
| Total Assets | $ | 4,006 | $ | — | $ | — | $ | 4,006 | ||||||||
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report — September 30, 2023 (unaudited)
Notes to Portfolio of Investments (cont'd)
The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:
| Investment Type | Level 1 Unadjusted Quoted Prices (000) | Level 2 Other Significant Observable Inputs (000) | Level 3 Significant Unobservable Inputs (000) | Total (000) | ||||||||||||
| U.S. Real Estate | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Apartments | $ | 3,379 | $ | — | $ | — | $ | 3,379 | ||||||||
| Data Centers | 4,070 | — | — | 4,070 | ||||||||||||
| Free Standing | 1,731 | — | — | 1,731 | ||||||||||||
| Gaming | 1,332 | — | — | 1,332 | ||||||||||||
| Health Care | 3,098 | — | — | 3,098 | ||||||||||||
| Industrial | 4,899 | — | — | 4,899 | ||||||||||||
| Lodging/Resorts | 712 | — | — | 712 | ||||||||||||
| Manufactured Homes | 667 | — | — | 667 | ||||||||||||
| Office | 304 | — | — | 304 | ||||||||||||
| Regional Malls | 1,163 | — | — | 1,163 | ||||||||||||
| Self Storage | 2,057 | — | — | 2,057 | ||||||||||||
| Shopping Centers | 1,685 | — | — | 1,685 | ||||||||||||
| Single Family Homes | 1,346 | — | — | 1,346 | ||||||||||||
| Specialty | 855 | — | — | 855 | ||||||||||||
| Total Common Stocks | 27,298 | — | — | 27,298 | ||||||||||||
| Short-Term Investment | ||||||||||||||||
| Investment Company | 260 | — | — | 260 | ||||||||||||
| Total Assets | $ | 27,558 | $ | — | $ | — | $ | 27,558 | ||||||||
Morgan Stanley Institutional Fund, Inc.
Third Quarter Report — September 30, 2023 (unaudited)
Notes to Portfolio of Investments (cont'd)
The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:
| Investment Type | Level 1 Unadjusted Quoted Prices (000) | Level 2 Other Significant Observable Inputs (000) | Level 3 Significant Unobservable Inputs (000) | Total (000) | ||||||||||||
| Vitality | ||||||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Biotechnology | $ | 552 | $ | — | $ | — | $ | 552 | ||||||||
| Health Care Equipment & Supplies | 259 | — | — | 259 | ||||||||||||
| Health Care Providers & Services | 193 | — | — | 193 | ||||||||||||
| Health Care Technology | 113 | — | — | 113 | ||||||||||||
| Life Sciences Tools & Services | 493 | — | — | 493 | ||||||||||||
| Pharmaceuticals | 281 | — | — | 281 | ||||||||||||
| Specialty Retail | 18 | — | — | 18 | ||||||||||||
| Total Common Stocks | 1,909 | — | — | 1,909 | ||||||||||||
| Short-Term Investments | ||||||||||||||||
| Investment Company | 129 | — | — | 129 | ||||||||||||
| Repurchase Agreements | — | 5 | — | 5 | ||||||||||||
| Total Short-Term Investments | 129 | 5 | — | 134 | ||||||||||||
| Total Assets | $ | 2,038 | $ | 5 | $ | — | $ | 2,043 | ||||||||
Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes.